CMHC drops mortgage insurance for condo developers

Canada Mortgage and Housing Corp. says it will no longer offer mortgage insurance to developers to finance the construction of new condo buildings.

The Crown corporation has not actually provided any of the controversial insurance since 2011, but is now officially removing the product. It was controversial because the insurance made it easier for condo developers to finance new projects, but the Bank of Canada and economists have been warning that there’s a risk too many new condos are being built in cities like Toronto.

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Randy Ramadhin

Randy Ramadhin

CENTURY 21 People's Choice Realty Inc., Brokerage*
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