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CMHC no longer offering mortgage insurance for luxury homes

Posted on June 8, 2014 by Tom Bushey

Posted in Mortgages

Canada Mortgage and Housing Corp. says it will no longer offer mortgage insurance for homes that cost $1 million or more, starting July 31, even if the buyer has made a deposit of 20 per cent or more.

“CMHC helps Canadians meet their housing needs and contributes to the stability of the housing market and finance system,” said Steven Mennill, senior vice-president of insurance, said in a statement. “The changes announced as part of the review ensure that CMHC’s products and services are aligned with these objectives.”

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