Found 5 blog entries for May 2014.
Following prior moves to tighten lending guidelines including reducing amortization period, tying qualifying to posted interest rates and numerous other qualifying factors, CMHC now says it plans to get out of the market for second homes and is adding restrictions for self-employed Canadians. Effective May 30, CMHC said it will discontinue insuring second homes and will require self-employed Canadians to have third party income validation.
Second home and self-employed without third party income validation business have accounted for about 1 in 33 or 3% of CMHC’s insured business volumes in units.
CMHC first introduced the program for self-employed people in 2007 in response to “industry competition” which at its peak saw some U.S. players enter the…