The term ‘affordable housing’ means very different things to different people. If you ask the average 30 something year old couple trying to find a house in downtown Toronto, affordable means anything under $1 000 000 as the average cost for a detached home hit $1.26 million this month. On the other end of the socio economic ladder, many Canadians are experiencing difficulties finding a place to live within their budget in neighbourhoods they have lived in for years, and the problem is only getting worse. … What Affordable Housing Means and Why It’s Important
The topic of Canada’s housing market is in the national news on an almost daily basis, and even globally, with year-over-year increases of close to 10% in markets like Toronto and Vancouver. In fact, the Canadian housing market rise outstripped all but 3 other global markets!
Canada Mortgage and Housing Corporation (CMHC) released updated results recently from its House Price Analysis and Assessment (HPAA) framework, which is designed to detect the presence of problematic conditions in Canadian housing markets.
CANADA MORTGAGE AND HOUSING CORPORATION recently announced that “Effective September 28, 2015, revisions to homeowner policies in the areas of down payment assistance, market value requirements, share of equity appreciation and monthly subsidy assistance will be made to align CMHC’s policies with the evolving financing needs of the affordable housing marketplace.”
This means that CMHC will now consider up to 100% of gross rental income from a 2-unit owner-occupied property that is the subject of a loan application submitted for insurance.