What You Need to Know: Changing Mortgage Default Insurance Criteria
Jun 25, 2020
Written byRyan Berlin
Effective 1 July 2020, CMHC will be changing its mortgage default insurance criteria, making it more difficult for some home buyers to qualify. While those with low credit scores, those intending to use borrowed funds as a down payment, and those with high debt service ratios will be most affected, the overall market impact is expected to be minimal. Our rennie intelligence team comprises our in-house demographer, senior economist, and market analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in urban land economics, community planning, shifting demographics, and real estate trends, their strategic research supports a comprehensive advisory service offering and forms the basis of frequent reports and public presentations. Their thoughtful and objective approach truly embodies the core values of rennie.
A proposed ban on foreign buyers by the new LIberal government is unlikely to have a big impact on our housing market, quite simply because we don’t have a lot of foreign buyers to begin with.
The addition of new housing along Metro Vancouver’s public transit network, and specifically along the SkyTrain rapid transit network, will be important in accommodating more than one million new residents over the coming three decades.