What is the maximum purchase price for a home financed with a CMHC-insured homeowner mortgage in a high-cost market such as Toronto or Vancouver?
Correct Answer
D) Below $1,500,000, nationwide
The insured-mortgage ceiling is national: CMHC requires the purchase price to be below $1,500,000 for homeowner loans, wherever the home is in Canada. The former $1,000,000 cap was replaced effective December 15, 2024, and there is no special limit for high-cost markets.
Why This Is the Correct Answer
CMHC's general requirements set one national ceiling: the purchase price or lending value must be below $1,500,000 for insured homeowner loans.
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