Mortgage Announcement from CMHC

Mortgage Announcement from CMHC

Since mortgages go hand in hand with a purchase of a new home, we thought that we would get a representative from RBC to explain the newest announcement.

Randy Chin of RBC Royal Bank of Canada had this to say:

“What does Canada Mortgage and Housing Corp. (CMHC)’s most recent announcement mean to you as a home buyer?

Essentially, CMHC is restricting the amount of bulk insurance lenders can acquire in order to sell off their mortgage portfolios as investments. This means lenders will need to source their mortgage funds from higher-cost channels. Ultimately, this increase will be passed along in higher interest rates to the home buyer. The full article can be found in the link below: “

Buy now before this change goes into effect. We are currently selling Verve & Latitude in Surrey.