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June 2020

Found 2 blog entries for June 2020.

Lending Standards Canada MortgagesIf you haven’t already heard, the Canada Mortgage and Housing Corp (CMHC) has made some significant changes to their underwriting policies, which will undoubtedly impact home buyers starting July 1, 2020.

According to our mortgage partner, Josh Higgelke, here are the most notable policy changes:

Limiting the Gross/Total Debt Servicing (GDS/TDS) ratios to standard requirement of 35/42 (down from 39/44, roughly 10% less buying power);
Establish minimum credit score of 680 for at least one borrower (up from 600); and
Non-traditional sources of down payment that increase indebtedness (Flex-down) will no longer be treated as equity for insurance purposes. Gifted down payment will still be accepted

For anyone planning to be in the market for a new home this year,

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In case you missed it, new renderings were released that show what Calgary’s new BMO Centre expansion could look like, and it’s about as spectacular as we had hoped for when the project was first announced.

According to reports, the $500 million expansion is aimed at modernizing the facility in order to help bring more major, international conventions to Calgary.

The design, which comes after roughly a year of collaboration between Stantec, Populous, and S2 Architecture, includes adding more than one million square feet of total floor space, including 350,000 square feet of exhibit space, or more than double the current rentable area.

As of now, the new BMO Centre is expected to be finished by June 2024.

 

 

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