Under current rules, what is the maximum purchase price for a home that can be financed with a CMHC-insured homeowner mortgage?
Correct Answer
D) Below $1,500,000
CMHC states that for insured homeowner loans the purchase price or lending value must be below $1,500,000. The ceiling was raised from $1,000,000 effective December 15, 2024; homes priced at $1,500,000 or more need at least 20% down and cannot be insured.
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