New mortgage rules will slow Toronto housing recovery?

Thursday Jun 11th, 2020

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Some Toronto homebuyers will find themselves up against stricter mortgage lending rules as of July 1st, with higher minimum credit scores and new rules around “non-traditional” down payment sources set to take effect.

These rules for insured mortgages, introduced earlier this month by the Canada Mortgage and Housing Corporation (CMHC), are meant to improve the long term stability of the housing market and the country’s financial system.

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It’s also worth noting that the CMHC is the public provider of insured mortgages, but homebuyers can also look to Genworth and Canada Guaranty in the private mortgage insurance market. Both insurers have said recently that they do not intend on changing their underwriting policy to align with the CMHC.

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