Photo: James Bombales

With the new mortgage stress test coming effect in January, this year has had more than its share of headlines about the difficulty of qualifying for a mortgage. But that could be about to change, at least for one group of buyers.

Self-employed workers make up roughly 15 per cent of Canada’s population. Traditionally, they have struggled to obtain mortgages, as lenders are wary of their potentially unpredictable income. 

But this week, the Canada Mortgage and Housing Corp. (CMHC) introduced key changes to lending standards, aimed at making it easier for self-employed buyers to make their homeownership dreams a reality.

“These policy changes…[make] it easier for self-employed borrowers to obtain CMHC mortgage loan insurance and benefit from competitive interest rates,” writes CMHC chief commercial officer Romy Bowers, in a statement.

Starting in October, CMHC is encouraging lenders to consider additional factors when processing the application of a self-employed buyer, including the acquisition of an established business, sufficient cash reserves, predictable earnings and previous training and education.

The news comes at a time when Canadian Millennials are increasingly self-employed, but still attracted to the idea of homeownership. A recent report from Ryerson University’s Centre for Urban Research and Land Development found that over the next 10 years, 700,000 Millennials will be looking to move into their own homes in the GTA.

“The needs and wants of Millennials are little different than generations that have come before them,” reads the report. “Many of them are entering a stage where they will prioritize space and affordability over amenities and access to transit…In an unconstrained market, the homeownership rate for Millennials in the GTHA could rise from 40 per cent in 2016 to 60 per cent in 2026.”

Categories: 地产动态


邮箱地址不会被公开。 必填项已用*标注

Related Posts



列治文市议会于温哥华时间11月13日(周二)晚间通过了一项动议,向省府 Read more…


炒楼花要交100%重税!税局新招太狠 赚30万要多缴8万!

税局还会很“残忍”地重查一下已经申报的收入税 炒楼花的人可能要注意了, Read more…



房屋的类型很多,比如华人常说的别墅、公寓、联排别墅等等 —— 按照中文 Read more…