I joined Mike Smyth on his show this morning to bring some clarity to the recent CMHC discussion around increasing the minimum required down payment on home purchases under $500,000.
It is CMHC’s job to evaluate everything from every aspect – how many people have deferred their mortgages and defaulted and what that will look like when they go back to work. Of course, if we put more money down we’ll have more of a cushion but in speaking to other insurers they have been silent on the matter.
I believe 5% is here to stay. The default rate is still well below .5% across the country. Generally when we see mortgage insurers come out with something they’re going to come out with it in unison as we saw with the Mortgage Deferral.
Listen to the show here.
Angela Calla is a 16-year award-winning woman of influence mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on The Mortgage Show on CKNW for over a decade and through her best-selling book The Mortgage Code available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from all sales will be donated to Access Youth Outreach Services. Angela can be reached at firstname.lastname@example.org or 604-802-3983.