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February 2019 Market Stats.
Tighter market driving price growth.

Toronto non-bank lender sees consistent profit growth B-20 is pushing more and more consumers towards alternative mortgage providers

CMHC to provide First Time Home Buyer with up to 10% towards their purchases
CMHC to provide up 10% to first time buyers, in exchange for equity in home. Essentially provided up to 10% down payment towards home purchases
This mechanism is not a replacement of your down payment, instead a payment free loan on top of the down payment buyers are required to have towards their purchase
CMHC will match up to 5% on resale homes and 10% on newly constructed homes
CMHC would take an EQUITY stake in the buyer’s home for the amount contributed
Example would be purchase of new $500,000 home
Down payment of 5% of $25,000; Loan would have been $475,000
Now CMHC will provide $50,000 (10% of the price as equity stake)
Loan taken is now reduced to $425,000 (helping reduce monthly payments by approximately $250 per month
Loan is paid back upon sale of the home, or sooner if the buyer wishes
Requirements
Income below $120,000 per year per household
Home purchase limit of $505,000

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