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BC Real Estate Codex · Mortgage

BC Mortgage Rules — Canonical Reference

CMHC default insurance ($1.5M cap, raised Dec 15, 2024), 30-year amortization eligibility for first-time buyers and new-construction buyers, OSFI Guideline B-20 stress test, the November 21, 2024 same-lender renewal exemption.

In this domain

  • · CMHC default insurance cap ($1.5M from Dec 15, 2024)
  • · 30-year amortization eligibility (FTHB OR new construction)
  • · OSFI Guideline B-20 stress test (greater of contract+2pp or 5.25%)
  • · Same-lender renewal exemption (Nov 21, 2024)
  • · Down-payment tier structure (5% on first $500K + 10% above)

Facts in this domain (4)

  • CMHC default insurance maximum purchase price

    cmhc.insurance_capv2

    Maximum home purchase price eligible for default mortgage insurance (CMHC, Sagen, Canada Guaranty). Raised from $1,000,000 to $1,500,000 effective December 15, 2024. Below this cap, buyers can put as little as 5% down on the first $500,000 + 10% on the portion above. Above this cap, conventional 20%-down mortgage required.

    Effective
    2024-12-15
    Last verified
    2026-05-08
    Re-verify by
    2026-11-08
    Full Codex entry →1 historical version →
    Verified sources (2)Click to expand

    Every claim on this page is sourced to a primary government, regulator, or industry-association URL. We re-verify quarterly; the verification dates below show when each source was last confirmed against the live government page.

    Fact ID: cmhc.insurance_cap · v2View in Codex →
    Spot an issue? Report an inaccuracy · How we verify

  • 30-year amortization eligibility (insured mortgages)

    cmhc.amortization_30yr_eligibilityv1

    CMHC-insured mortgages permit 30-year amortization (vs. standard 25-year max) for two specific borrower categories: (1) all first-time home buyers regardless of property type, and (2) any buyer purchasing newly constructed housing (new build). Effective December 15, 2024.

    Effective
    2024-12-15
    Last verified
    2026-05-08
    Re-verify by
    2026-11-08
    Full Codex entry →
    Verified sources (1)Click to expand

    Every claim on this page is sourced to a primary government, regulator, or industry-association URL. We re-verify quarterly; the verification dates below show when each source was last confirmed against the live government page.

    Fact ID: cmhc.amortization_30yr_eligibility · v1View in Codex →
    Spot an issue? Report an inaccuracy · How we verify

  • OSFI Guideline B-20 mortgage stress test

    osfi.b20.stress_testv1

    Federally-regulated lenders (banks, federal credit unions) must qualify uninsured borrowers at the GREATER of (a) the contract rate + 2 percentage points, or (b) the Bank of Canada qualifying rate (currently 5.25%). Insured borrowers are qualified at the same higher-of test by CMHC. Applies to all conventional mortgages and all renewals when borrower switches lenders.

    Effective
    2018-01-01
    Last verified
    2026-05-08
    Re-verify by
    2026-11-08
    Full Codex entry →
    Verified sources (1)Click to expand

    Every claim on this page is sourced to a primary government, regulator, or industry-association URL. We re-verify quarterly; the verification dates below show when each source was last confirmed against the live government page.

    Fact ID: osfi.b20.stress_test · v1View in Codex →
    Spot an issue? Report an inaccuracy · How we verify

  • Mortgage renewal at same lender — no stress test (Nov 2024+)

    osfi.b20.renewal_no_stress_testv1

    Effective November 21, 2024, federally-regulated lenders may renew an existing uninsured mortgage with the same lender WITHOUT re-applying the stress test, even where the borrower would no longer qualify under current B-20 rules. Applies to renewals only; does not apply to refinances or switch-lender renewals.

    Effective
    2024-11-21
    Last verified
    2026-05-08
    Re-verify by
    2026-11-08
    Full Codex entry →
    Verified sources (1)Click to expand

    Every claim on this page is sourced to a primary government, regulator, or industry-association URL. We re-verify quarterly; the verification dates below show when each source was last confirmed against the live government page.

    Fact ID: osfi.b20.renewal_no_stress_test · v1View in Codex →
    Spot an issue? Report an inaccuracy · How we verify

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