In latest bid to tighten rules, CMHC targets second homes

Effective May 30, anyone who has an insured mortgage will no longer be able to act as a co-borrower on another mortgage that CMHC insures.

What does that mean? If you currently own a home and your down payment was less than 20% (CMHC Insured), then you cannot purchase or cosign on another property with less than 20% down.

Similarly, parents who have a mortgage that’s insured will no longer be able to act as a co-borrower for their children on an insured mortgage.

 

Globe and Mail News Article

 

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