11 June 2014 ~ 0 Comments

CMHC’s Recent Changes Adding More Confusion?

Canada Mortgage and Housing Corporation recently added more changes to what it will insure and whom they will offer their products to.

They no longer will be offering mortgage insurance to developers to finance new construction projects.

They are still insuring individual purchasers who purchase a unit from these builders, and this is where I am finding there is some confusion.

Recently I have had a few clients ask me what impact will these changes have on the condo market? The questioning seemed to be coming from the position that it might be a negative one?

I think the changes will be minimal worst case and maybe even positive since the policy is being put in place to offset the pace of new condo development. Policy makers seem to believe that the pace of new construction projects that are coming on board are too many.

Be smart in what you buy, whether it’s for investment or a condo for you to live in and you will be fine.

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