CMHC Guidelines

The Canada Mortgage and Housing Corporation (CMHC) is Canada’s national housing agency.  CMHC has many roles, including researching and developing housing policies and programs and providing mortgage loan insurance and mortgage backed-securities. Among the various roles of these housing policies, CMHC guidelines dictate certain things which impact your home buying process.

CMHC guidelines that you will most likely encounter and deal with when you are buying a home concern the financial aspects – how much you can borrow and for how long.

How Much You Can Borrow – Maximum Total Debt: The total amount of all of your property-related costs cannot exceed 39% of your total income. This includes mortgage payments, property taxes, heating, condo fees, etc.  This was set to help individuals avoid getting in too far over their heads or end up defaulting on their mortgages. It is helpful to know what this amount is before heading to your mortgage broker (it will help you better gauge your spending limits), but they will let you know what it is if you haven’t already figured it out.

How Long You Can Borrow For – Mortgage Amortization Period: As of mid-2012, CMHC guidelines state that the maximum amortization period is 25 years. This is down from 30 years. This means that the longest you can stretch your mortgage repayment to is 25 years (meaning your mortgage will be paid off in 25 years – if you don’t refinance). The draw of a longer mortgage is the lower monthly payment, but then the interest ends up costing more in the long run.
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Other CMHC Guidelines:

Mortgage Refinancing: CMHC will only allow you to refinance your mortgage at 80% of the value of your home. Again this is meant to help individuals by promoting saving through home equity and to decrease homeowners’ debt loads.

Government-Backed Mortgage Insurance: CMHC has banned government-backed insurance on properties costing more than $1 million.