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New CMHC mortgage insurance rules in effect July 1


CMHC is changing its underwriting policies for insured mortgages.

the following will apply to insured mortgages (those with less than 20% down payment) as of July 1, 2020:

  • Maximum Gross Debt Service (GDS) ratios will be lowered to 35% (from 39%)

  • Maximum Total Debt Service (TDS) ratios will be lowered to 42% (from 44%)

  • The minimum credit score needed to qualify will rise to 680 (from 600) for at least one household borrower


“COVID-19 has exposed long-standing vulnerabilities in our financial...

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Bank of Canada Makes Interest Rate Announcement

Bank maintains overnight benchmark rate at 0.25%

As expected, the Bank of Canada announced that it is holding its key interest rate target at 0.25%. The Bank acknowledged the hefty economic impact due to COVID-19, and although the pandemic appears to have peaked, there still remains a high degree of uncertainly around the economic recovery.

The next interest rate announcement is scheduled on July 15, 2020. Read the release below:

Massive policy responses in advanced economies have...

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