CMHC’s New Rules Cut Maximum Home Purchase Price Up To 12%: Experts

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CMHC’s New Rules Cut Maximum Home Purchase Price Up To 12%: Experts
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'Normally, you don’t rock the boat when you’re already taking on water, but that’s what CMHC has done.'

That has some criticizing CMHC for picking what they say is a bad time to tighten lending standards.

One other change ― effectively barring people from borrowing money for the down payment ― isn’t expected to have much impact. Homebuyers more often get cash gifts from family than loans, and rules around private loans can be hard to enforce.

Cooper described CMHC’s move as “procyclical” ― meaning it’s likely to make the housing market even weaker in a time of weakness.

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