Industry News
- January 2016: CMHC announces increases to the minimum down payment required for home purchase prices in excess of $500,000.
- October 2016: Federal Government announces new measures for insured mortgages. From October 17, 2016 onward, all insured mortgages must qualify at the Benchmark Rate.
- January 2018: Federal Government introduces a stress test applicable for all mortgage applications.
- March 2019: Federal Government announces an increase to $35,000 per buyer, regarding the RRSP withdrawal limits for qualified first time home buyers.
- September 2019: CMHC introduces the First Time Home Buyer Incentive Plan in an effort to assist qualified first time home buyers with a shared down payment program between 5-10% down. This plan is scrapped in 2024.
- March 2020: Federal Government announces it will relax its stress test rate for insured mortgages, set to commence in April 2020. Shortly thereafter, it suspends the implementation of the new policy in light of the potential economic impact of the corona virus.
- March 2020: Bank of Canada cuts its key lending rate in successive weeks due to the potential impact that the corona virus may have on the Canadian economy. Banks follow with cuts in the Prime lending rates.
- 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).
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.