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BREAKING NEWS! CMHC Reprioritizing Applications & Causing Long Turnaround times.

Aug 08, 2023

As of the time of writing this post, August 8, 2023, CMHC is issuing mortgage lenders and brokers an advisory informing them on how they will temporarily prioritize financing applications for multifamily properties (five + units) based on the type of applications they receive.

Watch this three-minute video to get the details.

If the financing applications do not fit within CMHC's priority list, the advisory states that "it may take more than six months to assign the applications to an underwriter"...

CMHC has faced an onslaught of applications resulting from the recent interest rate increases combined with the increase in CMHC insurance premiums this past June. A lot of investors wanted to get their applications in before the situation got worse.

Add to this that during the summer, a lot of underwriters take time off, and you have stretching turnaround times.

Cheers!

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