The Altus Group has completed its analysis for the CHBA of the federal government’s
recently announced requirement for a minimum down payment of 20 per cent for
government-backed mortgage insurance for “non-owner occupied properties
purchased for speculation.”
You can download this report by clicking HERE.
The Report concludes that this new requirement will:
- have little or no impact on any aspects of the market that could be considered “speculation”
- curtail activity in an important component of the Canadian housing sector: contributions to the rental stock from small income investors
We are submitting this analysis to the federal government and recommending that the new
requirement be given serious reconsideration.
We will keep you informed.
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To: CHBA Members
From: Gary Friend, President
Date: February 25, 2010
Re: Adjustments to Rules for Government-backed Insured Mortgages