April 20, 2017 09:55 ET
OTTAWA, ONTARIO--(Marketwired - April 20, 2017) - The rental market is an important housing option for approximately 30% of Canadians. Effective May 15, CMHC will introduce enhancements to its multi-unit mortgage loan insurance that will address the rental needs of Canadians while supporting efforts to expand and preserve the supply of affordable rental housing.
"CMHC's products and services facilitate access to housing for all Canadians, not just homebuyers" said Steve Mennill, Senior Vice-President, Insurance. "The enhancements to our multi-unit mortgage loan insurance products and policies are designed to expand our participation in key market segments while stimulating the creation and preservation of affordable rental housing."
CMHC is Canada's only mortgage loan insurer for multi-unit residential properties. CMHC also offers incentives, including access to higher loan-to-value ratios and reduced premiums, to support affordable rental housing projects.
As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need and offers objective housing research and information to Canadian governments, consumers and the housing industry.
For additional highlights please see the attached backgrounder.
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Effective May 15, CMHC will be:
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