The CMHC will change its criteria for mortgage loan insurance applications

CORPIQ has been informed that, as of January 15, the Canada Mortgage and Housing Corporation will now require a complete evaluation report for borrowers wishing to purchase a building of 5 to 24 units. Currently, this requirement only applies to buildings with 5 or 6 units.

This change will increase the financial costs for landlords applying for mortgage loan insurance. However, CMHC has confirmed to CORPIQ that it expects to see improved file processing times, response times, a smoother analysis process and better customer service.

Last June, the CMHC had orchestrated an initial tightening of its loan insurance criteria.

» Read our article published in our PROPRIO magazine (In French)