CMHC to eliminate two mortgage lending programs

CMHC has announced that they will be eliminating two mortgage lending programs effective May 30th, 2014.  The two programs being eliminated are the Self-Employed Simplified program for self-employed borrowers who do not have traditional proof of income, and the Second Home program for borrowers wishing to purchase a vacation or recreational property with less than 20% down-payment.

Initially, I had considered this news to be potentially damaging to the real estate market, but after speaking with a mortgage broker friend, it appears that this is not going to have a significant impact on the Surrey real estate market.

For more information and reaction on this news, please click here.

Bobby Bisla

Bobby Bisla

CENTURY 21 Coastal Realty Ltd.
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