Effective July 1, 2020 CMHC is making the following changes to insured mortgage financing (an insured mortgage is when you have less than 20% for down payment/equity):
These are significant changes to qualifying. As such, if you’re looking to get into the market and have less than 20% down payment, there’s no time like the present.
As of now, our sources indicate that the other two insurers (Canada Guarantee and Genworth) will not be following suit, but time will tell…
Please reach out if you have any questions.
Mortgage rates change based on the type of transaction you are doing, how much equity or down payment you have, mortgage size, amortization, type of occupancy, timing, and more. We’ll help you determine your best options.