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CMHC may increase the minimum down payment to 10%

Bianca Foti - May 21, 2020, 12:22 pm

With more businesses re-opening in the coming weeks, how the Canadian real estate market will adapt in a post-pandemic world continues to be in question. Just this past Tuesday, the Canadian Mortgage Housing Corporation (CMHC) hinted at increasing the minimum down payment from 5% to 10% for first-time home buyers. As the world opens up, it also appears that more Canadians will look to digital platforms as a means to safely buy and sell their homes. Here are some key highlights of the latest in mortgage news during the month of May:

Canadian home sales had their worst April in 36 years, but prices holding steady for now

Despite COVID-19 pushing many buyers and sellers to the sidelines, average housing prices have not plummeted and are holding steady for now.

CMHC warns Canadians: “Support for home ownership cannot be unlimited”

Due to the increase of mortgage deferrals as a result of COVID-19, CMHC may be looking to increase the minimum down payment for first-time buyers from 5% to 10%.

Open for business: Canadian real estate and the new normal

Although the outlook for Canadian real estate continues to be uncertain, the housing market is expected to adapt as businesses begin to re-open, with many realtors relying heavily on technology to safely complete transactions.

Is there hope for first-time home buyers post-COVID-19?

Homewise CEO Jesse Abrams weighs in on navigating the Canadian housing market in a  post-pandemic world and how the current conditions have the potential to provide more opportunity for first-time buyers.

Homewise’s free digital service quickly matches consumers with their best mortgage options

Despite COVID-19 placing many essential services on pause, Homewise’s simple online mortgage solution continues to efficiently and safely support Canadian home buyers.

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#mortgageapproval, downpayment, firstimehomebuyer

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