On May 28th, the Canadian Housing and Mortgage Corporation (CMHC) announced new mortgage loan underwriting guidelines for multi-unit (5+ units) residential properties.
Here is an overview of what the new guidelines permit and restrict when refinancing with using a CMHC-insured mortgage:
At the time of writing, we (Peak Multifamily Investments) have spoken to a leading lender and a CMHC representative about the changes to better understand how to navigate the new guidelines.
Below is a series of questions and answers that have been provided to us by a leading commercial residential lender and through our own inquiry of the new guidelines.
We will continue to update this post as information becomes available.