100% Condo Fee will be used in Mortgage Application as opposed to 50% currently.
CMHC is considering to use 100% maintenance fee to qualify applicants for a mortgage. This change could mean that fewer people would qualify for condo purchases as more income would be needed.
Please be aware and advise your family and friends who are planning to purchase a condo in the next few months to have a pre-approval in case this change is implemented. The pre-approval will be valid and secure for 120 days. Please contact me if you need more information
No comments:
Post a Comment