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CBC News - CMHC Self-Employed Mortgages

Taylor Hack

Three years, from start of Taylor Hack’s real estate career to the Top5% of the Greater Edmonton Area marketplace and Top 2% of all RE/MAX Agents wo...

Three years, from start of Taylor Hack’s real estate career to the Top5% of the Greater Edmonton Area marketplace and Top 2% of all RE/MAX Agents wo...

Jun 17 2 minutes read

Bullet Points

  • Self employed workers make up 15% of Canada's population. In Alberta, 17.2% of workers were self-employed in 2018, ranking closely behind British Columbia (17.9%) and Saskatchewan (17.4%). 
  • Self employment often comes with variable incomes, which makes it difficult for those workers to qualify for mortgages.
  • CMHC is starting to look at mortgages a little differently than previous years, beginning with new factors to support a lender's decision to allow self-employed workers to qualify for a mortgage. These changes will be especially beneficial for those workers who have been operating their business, or have been in the same line of work, for less than two years
  • New qualifying factors include things such as the acquisition of an established business, sufficient cash reserves, predictable earnings, and previous training and education.
  • Additional changes include different document options to satisfy the income and employment requirements of self-employed workers qualifying for a mortgage. As of October 1st, documentation will no longer be the most challenging hurdle to navigate while looking for a loan. 

CBC News Reports CMHC to make it easier for self-employed to get a mortgage. 

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