52 - Friday, February 7, 1992

FOR THE next two years,
5% downpayments on fed-
erally-insured mortgages
will be available for first-
time home buyers, Elmer
MacKay, minister responsi-
ble for Canada Mortgage
and Housing Corporation
(CMHC), announced _ this
week.

CMHC’s First Home
Loan Insurance will reduce

BRITISH PROPERTIES:

+ North Shore News

the current minimum: 10%
downpayment requirement
for federally-insured mor-
tgages to 5% for first-time
home buyers. The plan will
be in effect immediately for
the next two years, at which
time it will be reviewed.
“This initiative will help
strengthen Canada’s housing
industry and during the next
two years could help make
home ownership accessible

CMHC reduces insured mortgage downpayments

to some 200,000 Canadian
households currently - ren-
ting,’’ Mr. MacKay said.

“Five per cent downpay-
ments are intended for peo-
ple who can afford the
monthly mortgage payments
but have difficulty saving
the minimum 10%,’* added
Mr, Mackay.

Homes eligible for financ-
ing under this initiative are
subject to price ceilings. In

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the greater Toronto and
Vancouver areas, the max-
imum price is $250,000. In
centres with relatively higher
average house prices and in
northern areas, the ceiling is
$175,000. A price ceiling of
$125,000 applies everywhere
else in Canada.

CMHC mortgage foan in-
surance protects approved
mortgage lenders against
loss if the borrower is un-

able to make the mortgage
payments. In return, CMHC
receives a premium of up to
2.5% of the mortgage. The
premium for First Home
Loan Insurance is the same
as that applied to mortgages
with a 10% downpayment.
Ten per cent downpay-
ment mortgage insurance
will continue to be available
for all other potential home
buyers. In 1991, CMHC

helped more than 134,000
Canadian households access
home ownership by pro-
viding insured home financ-
ing.

CMHC mortgage loan in-
surance is available through
most major banks, trust
companies and other mor-
tgage lenders across
Canada.

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