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In latest bid to tighten rules, CMHC targets second homes

The crown corporation Canada Mortgage and Housing Corporation will stop insuring mortgages for second homes starting May 30.

In Canada, home buyers who put less than 20% down payment will be required to register for mortgage insurance. This change also means that self-employed individuals who want to keep their mortgage insurance will have to submit standard documents to prove their source of income (need  2 years of tax filings and as well personal notice of assessments).

The CMHC has hinted at more upcoming changes in the future. The aim, as they put it, is to [reduce taxpayers’ exposure to risk].

Read the rest of the article at The Global and Mail – CMHC Tightens Mortgage Insurance Offerings, April 25, 2014

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