CMHC says that it will be introducing enhancements to its multi-unit mortgage insurance on May 15, 2017.
“CMHC’s products and services facilitate access to housing for all Canadians, not just homebuyers” said Steve Mennill, Senior Vice-President, Insurance.
These changes include:
- Extending its affordable housing flexibilities to existing rental properties, currently only new homes are included;
- Expanding its definition of affordability to recognize federal, provincial, territorial or municipal housing objectives;
- Introducing greater underwriting flexibilities to better support key multi-unit market segments that address the rental housing needs of Canadians;
- Introducing a revised premium schedule aligned with CMHC’s continued participation in market segments.
“The enhancements to our multi-unit mortgage loan insurance products and policies are designed to expand our participation in key market segments while stimulating the creation and preservation of affordable rental housing,” added Mennill.
More market update:
The rental market is home to around 30 per cent of Canadians and some changes are ahead for the sector which aim to support and preserve the supply of affordable rental housing.