Canada city Ottawa covid-19 coronavirus news Mortgages Coronavirus Canada city Ottawa

Canada’s housing agency tightens mortgage insurance eligibility amid coronavirus

Reading now: 387
globalnews.ca

OTTAWA –The Canada Mortgage and Housing Corporation is tightening its lending standards, making it tougher for Canadians to borrow money to purchase a home.

The country’s national housing agency says it’s changing the credit score needed to get mortgage insurance to 680 from 600 and limiting the gross and total debt servicing ratios to 35 and 42 respectively.

CMHC says the changes will be effective on July 1 and are accompanied by the suspension of most refinancing for multi-unit mortgage insurance.

The moves come just over two weeks after CMHC chief Evan Siddall appeared before the finance committee in Ottawa, forecasting a decline of between nine per cent and 18 per cent in average house prices in the next year.

Read more on globalnews.ca
The website covid-19.rehab is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

Joe Biden - Vladimir Putin - Kamala Harris - Kamala Harris warns Russia of ‘unprecedented’ penalties if it invades Ukraine - fox29.com - Usa - Eu - Russia - city Moscow - Ukraine - county Harris
fox29.com
48%
979
Kamala Harris warns Russia of ‘unprecedented’ penalties if it invades Ukraine
MUNICH (AP) - Vice President Kamala Harris warned Russia on Saturday that it will face "unprecedented" financial penalties if it invades Ukraine and predicted that such an attack would draw European allies closer to the United States.Harris spoke at the annual Munich Security Conference the day after President Joe Biden said he was "convinced" that Russia's Vladimir Putin has made the decision to invade neighboring Ukraine."Let me be clear, I can say with absolute certainty: If Russia further invades Ukraine, the United States, together with our allies and partners, will impose significant, and unprecedented economic costs," Harris said.Harris aimed to make the case to a largely European audience that the West has "strength through unity" and that an invasion would likely lead to an even bigger NATO presence on Russia’s doorstep.Russia annexed Ukraine’s Crimea Peninsula in 2014, and pro-Russia separatists have been fighting Ukrainian forces in the country’s east for almost eight years. The United States and the European Union previously sanctioned Russia over its seizure of Crimea.Western fears of an invasion have escalated in recent months as Russia amassed more than 150,000 troops near Ukraine's borders.RELATED: What's happening between Russia and Ukraine? Things to know as tension grinds onHarris said the Biden administration, along with its allies, had tried to engage with Moscow in good faith to find a diplomatic resolution but that effort was not met by the Kremlin in good faith."Russia continues to say it is ready to talk while at the same time it narrows the avenues for diplomacy," Harris said.
DMCA