Canada’s national housing agency will no longer offer mortgage insurance for condominium construction – a further step by the agency to cool the housing market.
- The maximum amortization period was reduced to 25 years, from 40 years.
- Government-backed mortgage insurance is available only for homes with a purchase price of less than $1 million.
- It is mandatory for home buyers to make a minimum down payment of 5%.
- If the property will not be owner-occupied, the minimum down payment is 20%.
This article was republished with permission from Global Property Guide.