During the month of June, the Canadian Mortgage and Housing Corporation (CMHC) announced they will be adjusting the rules for insured mortgages as of July 1 due to the economic downturn caused by COVID-19. Learn more about what happened this past month and how these new rules will affect Canadians.
CMHC reviews underwriting criteria
On June 4, the CMHC announced their decision to change their underwriting policies for insured mortgages due to the economic impact of COVID-19 and the outlook that Canadian housing prices may decline.
Genworth, Canada Guaranty won’t follow CMHC’s lead in tightening mortgage insurance rules
After the CMHC announced their plans to tighten rules for insured mortgages, competitors such as Genworth and Canada Guaranty confirmed shortly after that they would not be following through with these policy changes.
Homewise’s free digital service quickly matches consumers with their best mortgage options
CEO and co-founder Jesse Abrams walks through Homewise’s online process and how the company’s infrastructure has been able to support mortgage clients efficiently with no delays during the pandemic.
COVID-19 pandemic pushes Canadian interest rates to near historic lows
Over the last four months, COVID-19 has impacted the Canadian economy by significantly increasing levels of unemployment, which has now caused interest rates to fall to its lowest levels in history.
