CMHC tightens lending standards, making homes less affordable
June 5th, 2020
Yesterday afternoon, CMHC announced changes to its mortgage insurance underwriting and acceptance criteria. Effective July 1, the following changes will apply for new applications for homeowner transactional and portfolio mortgage insurance:
The maximum gross debt service (GDS) ratio drops from 39 to 35
The maximum total debt service (TDS) ratio drops from 44 to 42
The minimum credit s ...
