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CMHC will no longer insure mortgages over $1 million

Canada Mortgage and Housing Corporation says effective July 31st, it will no longer offer mortgage insurance for homes that cost one million dollars or more, even if the buyer has made a deposit of at least 20 percent.

It’s a step further than rules introduced two years ago by then-finance minister Jim Flaherty. The CMHC says the changes would have only affected about 3 percent of the mortgage insurance it provided last year on individual homes.

The crown corporation also announced it will no longer insure loans used to finance construction of multi-unit condo projects.

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