CMHC’s New Mortgage Rules Start July 1 – Here’s What You Need to Know

Monday Jul 27th, 2020

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The government-backed Canada Mortgage and Housing Corporation (CMHC) announced it will be tightening the mortgage rules starting July 1, 2020. This move by the CMHC is to protect individual and national economic health by ensuring mortgage borrowers are not putting themselves into too much debt.   What this means for homebuyers: It will be harder to obtain CMHC’s default mortgage insurance, which means having a down payment of 20% or more will help you acquire a mortgage... [read more]

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