Majority of Canadian Buyers Borrowing Their Maximum Approved Mortgage Soaring home prices over the past year have forced a majority of today’s homebuyers to use the maximum mortgage amounts they’ve been approved for. More than 65% of recent buyers bought the maximum amount of house they could afford, according to the Canada Mortgage and Housing [&hellip…
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CMHC changes underwriting practices on mortgage loan insurance Canada Mortgage and Housing Corp. is easing its underwriting criteria for mortgage loan insurance after changes it made last year were not effective and caused it to lose market share. The federal housing agency said Monday that it returned to considering a gross debt service ratio of up to 39% and [&hellip…
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Homebuyers Shun CMHC’s First-Time Home Buyer Incentive The federal government’s First-Time Home Buyer Incentive (FTHBI) was meant to offer a path to homeownership for those unable to tap the “Bank of Mom and Dad” for down payment assistance. But first-time buyers have largely rejected the equity-sharing program that was first unveiled in September 2019, according to data [&hellip…
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