CMHC Completes Review of Mortgage Insurance Business

[Account Closed]

When Canada Housing and Mortgage Corporation announced that they would no longer offer insurance on second homes, some believed it would mean a slowdown in sales of recreational property.

However, since the policy was implemented at the end of May, there has been “little, if any” impact on the market, according to Re/Max. The company releases its recreational property report, which says that they are not expecting to see a big impact from the change.

Source:

1. http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/2014-06-06-0830.cfm
2. http://www.whichmortgage.ca/article/chmc-decision-on-second-homes-not-damaging-the-market-178614.aspx