Investor Presentaiton
Mortgage Policy Developments in Canada
2015
•
2014
•
2012
Minimum down payment on insured mortgages on homes valued $0.5 - $1 million increased from 5% to 10%
CMHC discontinued offering mortgage insurance on second homes and to self employed individuals without 3rd
party income validation
.
•
•
Maximum amortization on insured mortgages reduced to 25 years (from 30)
Maximum amount borrowed on insured mortgages at refinancing reduced to 80% (from 85%)
CMHC insurance availability is limited to homes with purchase price < $1 million
•
2011
.
For insured mortgages, maximum gross debt service ratio of 39% and maximum total debt service ratio of 44%
Maximum LTV for HELOCS lowered to 65% (from 80%)
Maximum amortization on insured mortgages reduced to 30 years (from 35)
.
2010
•
Maximum amount borrowed on insured mortgages at refinancing reduced to 85% (from 90%)
Maximum amount borrowed on insured mortgages at refinancing reduced to 90% (from 95%)
•
2008
5-year fixed rate mortgage used for qualifying rate for conventional mortgages (LTV < 80%) with variable rates
or term less than 5 years
Minimum 20% down payment to qualify for insured mortgages for non-owner occupied properties
Maximum amortization on insured mortgages reduced to 35 years (from 40)
Minimum 5% down payment to qualify for insured mortgages
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