Lee Starks

Phone: (306) 221-5521 |

CMHC announced changes


Yesterday, CMHC announced changes to its mortgage insurance underwriting criteria.
Effective July 1st:



  • The maximum housing cost to income ratio drops from 39 to 35%
  • The maximum total debt and housing cost to income ratio drops from 44 to 42%
  • The minimum credit score rises from 600 to 680 for at least one borrower
  • Borrowed down payments will no longer be accepted


Note, these are CMHC decisions and not from the Ministry of Finance, so the private insurers Genworth and Canada Guaranty will not be mandated to change their underwriting.  Early indication is that these private insurers will not follow with these changes, but we are waiting for a response from them directly.


I will keep you posted when we know more.

Interest rates are fantastic right now, with good mortgages from good lenders in the range of 2.29% on a 5 year fixed.  Variables are starting to creep below the 2% threshold.

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