High Ratio Mortgage Rules
Canadian real estate has been a tough nut to crack for some homebuyers, and those with less than 20 per cent as a down payment now face another challenge, with Canada Mortgage and Housing Corp. (CMHC) announcing tighter qualification rules for borrowers of high-ratio mortgages. The move was in response to the economic vulnerabilities sparked by global pandemic. The changes, which include lower debt thresholds and higher credit ratings, came into effect on July 1, 2020. If you’re in the market to buy a home but have less than 20 per cent as a down payment, here’s what you should know.
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