New Rules for CMHC-Insured Mortgages

Author: Melissa Henderson | | Categories: Consolidation Loans , First Time Home Buyers Mortgage , Home Mortgage Purchase , Mortgage Agent , Mortgage Broker , Mortgage Purchase Rates , Mortgage Renewal , Real Estate Mortgage , Renovation Loans , Repeat Purchase Mortgage , Second Mortgages

Blog by Melissa Henderson - Mortgage Agent

The Canada Mortgage and Housing Corporation (CMHC) is making changes to its insured mortgages. These tighter underwriting standards may make it more difficult for some to qualify for mortgages with less than a 20% down payment.

Here are the details:

  • Maximum gross debt service (GDS) ratio drops from 39% to 35%
  • Maximum total debt service (TDS) ratio drops from 44% to 42%
  • Minimum credit score rises from 600 to 680 for at least one borrowerfor all CMHC-insured mortgages
  • No borrowed down payments


According to Will Dunning, Chief Economist for Mortgage Professionals Canada, 61% of first-time homebuyers purchase their homes with less than 20% down.