CMHC has just announced that they will now be insuring mortgages on “non-conforming stratas” again. This reverses an earlier decision (see previous post). A requirement is that title insurance must be taken out.
This is super news for both buyers and sellers. Now buyers can go as low as 5% down again!
No updates from the other two insurers (Genworth, Canada Guaranty) as of yet.
Further update: Genworth and Canada Guaranty are now on board as well.
