Recently CMHC announced that they will be eliminating Mortgage Insurance programs for Second Homes and Business for Self applicants without third party provable income. These are hefty changes that could affect many of you who meet this criteria when looking to secure a mortgage in the future.
The good news is there are two other mortgage insurance companies in Canada: Genworth and Canada Guaranty. Our own Kam Brar interviewed both companies today who have assured us that they are choosing to NOT follow CMHC's lead. Genworth stated that the only change they will make will be to their Second Property Program. Moving forward they will limit second properties to single dwellings; meaning they will no longer approve units with suites on Second Home purchases. Canada Guaranty will not be changing any of their programs at this time.