Effective December 15 2024
Increasing the $1 million price cap for insured mortgages to $1.5 million
- This measure would apply to all borrowers requiring high loan to value mortgage insurance in Canada and must satisfy the following requirements:
- The total loan to value is 80 per cent or more;
- The value of the eligible residential property against which the loan is secured must be less than $1.5 million; and,
- The downpayment requirements for the loan are as follows:
- 5 per cent on the portion of a purchase price up to $500,000.
- 10 per cent on the portion of a purchase price between $500,000 and $1.5 million.