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Under the  Canadian Bank Act , federally regulated lending institutions are not allowed to provide mortgages beyond 80%  of the value of the home or purchases with less than 20% down payment.

CMHC Insurance ,  also referred to as Mortgage Default  Insurance,  is required whenever a mortgage exceeds  80% of the purchase price.

Effective  July 9th, 2012, Canadian government brought in two important changes to the CMHC Insurance regulation

1.       Houses over 1 million dollar will not qualify for CMHC mortgage Insurance.
2.       CMHC Insured mortgages cannot be amortized more than 25 year amortization period.


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