Industry News
- July 2020: CMHC tightens mortgage rules. Qualifying for insured mortgages now requires higher minimum credit scores and, CMHC has introduced tighter lending guidelines.
- 2023: Federal Government announces First Home Savings Account (FHSA)
- March 2024: Federal Government increases Home Buyer Plan limit to $60,000.
- September 2024: Federal Government introduces changes to Insured Mortgages which include a higher purchasing cap ($1,500,000) and higher amortization period (up to 30 years for all first time home buyers).
- August 2024: First-time homebuyers can now access 30-year amortizations on insured mortgages, helping reduce monthly mortgage payments and improve affordability.
- November 2024: The Office of the Superintendent of Financial Institutions (OSFI) announced changes allowing some insured mortgage borrowers switching lenders at renewal to avoid re-qualifying under the stress test, improving mortgage flexibility.
Learn More
Contact us if you require further information regarding industry policy changes. Or, you can click the link below to find out more industry developments through the Mortgage Professional Canada website.