CMHC and the New Mortgage Rules in Canada

Mortgage and Lending with Arnason Mortgages

On June 21, 2012 the Government of Canada announced new parameters regarding the application of government backed mortgage insurance that take effect on July 9, 2012. This has raised many questions from families that are getting ready to buy a home regarding their CMHC and issues that may affect their application and approval.

The following clarifications are from CMHC and acknowledge industry realities and accommodate delays that may occur that are often beyond the new home owner (borrower’s) control:

• An application which is received by CMHC between June 22, 2012 and July 8, 2012 inclusive, for a loan where the closing date is documented as and planned to occur on or before December 31, 2012, will be eligible for an exception and will be underwritten in accordance with the pre-July 9th parameters. If closing is later delayed, or the loan is not fully advanced by December 31, 2012 the pre-July 9th parameters will continue to apply.

• A loan application which relates to a bona fide purchase and sale agreement entered into and dated on or before June 21, 2012 may be eligible for an exception and considered in accordance with the pre-July 9th parameters, regardless of the funding date, even if the loan insurance application is received by CMHC after June 22, 2012.

Please do not hesitate to contact us if you have any questions regarding the new mortgage rules, applying for a mortgage, or refinancing a home. You can reach us on the web at Calgary Mortgage Brokers or by phone at 403-265-5363 or by email at

Best regards,

Larry Arnason, Your Mortgage Expert
toll free: 1-888-722-5086


We offer a lowest rate guarantee and fast approvals!  Let us show you how we can help make your home ownership dreams come true.

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Calgary Mortgage Broker, Larry Arnason - proudly serving Calgary and the surrounding communities, Airdrie, Lethbridge, Red Deer, and northern Alberta.  You can lern more about Larry at

One of Calgary’s leading mortgage brokers since 2003, Larry's success stems from a strong motivation to help individuals and families achieve their dreams and find their perfect home with the best mortgage options and rates. As a Mortgage Broker Larry works for you, not a bank or specific lender – he is able to provide impartial advice on your mortgage and find the best rate with the best terms and options to suit your unique financial needs whether you are buying a new house, renewing your mortgage, or refinancing.

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