Romy Bowers Named New CMHC CEO as Outgoing Evan Siddall Addresses Off-the-Mark Forecasts + MORE Mar 5th

The Canada Mortgage and Housing Corporation has named its new CEO, capping what has been an extended search to replace outgoing chief Evan Siddall. Romy Bowers, CMHC’s current Vice President of Client Solutions, will succeed Siddall and officially begin her five-year term starting April 6. “I believe that my tenure with CMHC has allowed me to fully understand our business and our culture and I am excited to work closely with my colleagues across the company to help us continue […]

It is about time for some good news to be shared regarding the housing market and the mortgage industry. Luckily, one bank has stepped in to help make that happen. The bank has launched a new program that aims to help Canadians with financing a home. Great, right? I sure think so. 

Let’s look at some of the highlights the program has to offer.

The new program will expand to help Canadians and permanent residents who have returned to Canada within the past five years. 

This is excellent news for those who have been living abroad and recently returned to Canada. 

The new policy will now help support refinances and transfer ins.

This means buyers will be able to finance second homes and rental properties that the owner does not live in. 

The policy will allow buyers to apply with up to 80% Total Debt Serviceability (TDS).

This means that buyers can put down less upfront and still own a home. Under this program, buyers will not need to meet a requirement of 44% TDS until the following year…