OTTAWA – Just eight months after announcing a higher minimum down payment for properties with an asking price of more than $500,000, Finance Minister Bill Morneau has unveiled three more adjustments to Canada’s housing and mortgage regulations. According to Morneau, the new measures include: Closing existing “loopholes” surrounding Canada’s capital gains tax exemption on the […]
Market Update: CMHC Ups Required Down Payment for High-Worth Homes
TORONTO – Thanks to a new mortgage insurance change introduced by the Canada Mortgage and Housing Corporation, Canadians looking to buy a high-value property this winter may want to consider making their purchase by Valentine’s Day. As of February 15, there will be new mortgage insurance changes coming into effect that require buyers to pay […]
CMHC, Genworth Canada Announce Premium Increases for Mortgage Insurance
OTTAWA – Canadian homebuyers looking to insure their mortgage through the Canadian Mortgage and Housing Corporation (CMHC) will be facing slightly higher insurance costs if they plan to buy after May 1, 2014. On February 28th, the lender announced that it would be hiking its standard premiums from a current range between 0.5 and 2.9 […]