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Simple Guide to CMHC New Mortgage Rules April 2010

Created a summary “In Plain English” of the new rules from CMHC pertaining to mortgage loan approval in Canada….these new rules will  affect all home buyers across Canada, but especially self employed people, as well as commission sales people….link to my Simple Guide to CMHC New Rules April 2010……..

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  1. Anthony Yap
    April 23, 2010 at 3:27 pm

    I purchased a new condo in May, 2008 and a confirmed occupancy date has been scheduled for July 22, 2010. Will I be subjected to the HST?

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    • April 24, 2010 at 9:27 am

      Hi Anthony, in Ontario HST is applicable if the closing is July 1st or later….new condos have two closings – the first, when you get occupancy, which is called “interim occupancy”, and the second, when the condo is registered, and when you get title on the property….you should be o.k., because Agreements of Purchase and Sale entered into before the HST was announced – on June 18, 2009 – are exempt…
      I would still check with your lawyer, he or she will be able to tell you for sure whether there is any HST due…….

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