A buyer wants to finance a home with a CMHC-insured homeowner mortgage. Under current rules, what is the maximum purchase price that can qualify?
Correct Answer
D) Below $1,500,000
CMHC requires the purchase price or lending value of an insured homeowner loan to be below $1,500,000. The limit was raised from $1,000,000 effective December 15, 2024. At $1,500,000 or more, a buyer needs at least 20% down and conventional financing.
Why This Is the Correct Answer
CMHC's published requirement is that the purchase price must be below $1,500,000 for an insured homeowner loan.
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