CMHC Changes Its Product Requirements
On April 25th, 2014, CMHC announced that it will be changing the requirements for its insurance program. It will be discontinuing self-employed insurance applications without 3rd party income verification and second home insurance, as of May 30th, 2014.
What does this mean for self-employed applicants? If you are purchasing a home with less than 20% down, you must have valid income verification, not just a self-stated signed document. Now, if you do not have the required documentation ...
April 2014 Industry Stats
The Canadian Association of Accredited Mortgage Professionals (CAAMP) released their new set of statistics on April 8th, 2014. The major statistics are summarized as follows:
Bank of Canada interest rate remains at 1%
Prime lending rate remains at 3%
The 5Y variable qualifying rate remains at 4.99%
The Government of Canada Bonds have slightly inclined
The number of housing starts declined from 64,500 (February 2013) to 60,200 (February 2014)
The average MLS resale price in Toronto increased from $510,580 (February 2013) to $553,193 (February ...