CMHC lowers Credit Score required to qualify

A few days ago (July 2021) the Canada Mortgage and Housing Corporation announced that it was rolling back its minimum credit score from 660 to 600. They had raised their score a while ago from 600 to 660 thinking that making it harder for people to get a CMHC insured mortgage would help cool the housing market. Unfortunately for them, the other insurers didn’t follow suit so all it did was cost them market share.

Does this mean NOW is the ideal time to purchase that house you were eyeing up?

If you would like to discuss your financial goals and plans, give me a shout!

Airdrie, Alberta
Canada