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The Canadian Mortgage and Housing Corporation (CMHC) has announced 3 major changes to the way that mortgage applications for insured & insurable files will be assessed. If you are planning to buy a home with less than 20% of the purchase price as a down payment, these qualifying rules will affect you.

Mortgage Solutions That Help You Stay On Track

When we first met Eleanor and Jason, they were a young couple buying their first condo together. Fast-forward 5 years to their mortgage renewal date, and a lot had changed in their world. Eleanor had started a new job several months prior to the renewal, and the couple had just gotten married. They were carrying a bit of debt from the wedding, and also wanted to save for the future so they could move into a single-family home.

Mark and Sarah were a fairly typical couple when we met them 5 years ago.  He worked in the trades, while she was in customer service, both with full time hours and a steady household income. They were moving from a condo to a family home, and everything went smoothly through their mortgage process.

While Canadians may be wary of the outlook for the economy, it’s done little to dampen their debt.