Just received a note from Len Lane at Verico Brokers for Life that CMHC will be cutting off on the 30 year amortization on JULY 3 - that's the first Tuesday back after the long weekend this weekend, so if you need the 30 year amortization, you need to have an offer pending and submitted by July 3 (NOT July 9 as previously reported by the papers and CMHC - July 9 is still technically the deadline but because CMHC is totally overwhelmed right now, they are experiencing a 4-5 day wait period).
ALSO, the cash-back for down payment is rumored to be gone very shortly; cash backs may no longer be considered a source of down payment. That being said, there still are "flex down" programs where you can borrow the down payment so long as you can debt service the payment.
This doesn't sound like English? Worried you'll be priced out of the market? Call your mortgage broker or mortgage specialist, or contact me for a list of providers.
Have a good week!
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