CMHC tightens mortgage rules in latest response to COVID-19 + MORE Jun 12th

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Prospective home buyers feel the heat over new mortgage rules, but all hope is not lost, industry leaders say Jul 10th

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Financial Support for Seniors During COVID-19
The COVID-19 pandemic has impacted Canadian students, workers, parents, children, seniors, and everyone in between. Financial uncertainty continues to be a large area of concern, although many have been impacted in other ways too. The Government of Canada has responded to the financial needs of Canadians through their COVID-19 Economic Response Plan. The health of seniors is a top priority; however, their financial well-being is also important and has not been forgotten amongst the volatility of the pandemic. The Canadian government has provided financial relief for them as well.
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On June 4, 2020, the Canadian Mortgage and Housing Corporation (CMHC) announced changes to the eligibility rules for mortgage insurance, in the agency’s latest response to the COVID-19 pandemic. 
The new rules will lower the amount of debt an applicant for an insured mortgage can carry, set a higher credit score to qualify for CMHC insurance, and will require a homebuyer to use their own, and not borrowed, funds for their down payment.
COVID-19 “has exposed long-standing vulnerabilities in our financial markets, and we must act now to protect the economic futures of Canadians,” said Evan Siddall, CMHC’s President and CEO. 
CMHC provides insurance that protects lenders if homeowners default on their mortgage. If a buyer has a down payment of less than 20% of the purchase price, mortgage default insurance is required, and is paid by the homeowner. Some properties, including those with a purchase price of $1 million or more, are not eligible for CMHC insurance. 
Siddall says the new rule changes will stabilize housing markets by reducing demand and putting a damper on “unsustainable housing price growth…

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