CMHC to tighten the mortgage norms for Self Employed borrowers and 2nd home buyers

Canada Mortgage and Housing Corporation will no longer offer mortgage insurance on second homes, and also

it will discontinue selling mortgage insurance to self-employed people without third-party income validation. 

Though CMHC said these two products account for less than three per cent of its insured business volumes in units, the effect on market will be known once new norms tale effect.

The cost of  mortgage insurance has already been increased w.e.f May 01, 201 by 15%

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Dinesh Kapoor

Dinesh Kapoor

CENTURY 21 Coastal Realty Ltd.
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