Comments on: Warning: Possible Financing Problems On Strata Duplexes

By: advocate

advocate — Thu, 14 Oct 2010 19:35:45 +0000

Wayne's update referred to CMHC but not the other two mortgage insurers. This leaves us with the impression that they will still not insure mortgages on strata duplexes.

By: Amy

Amy — Thu, 14 Oct 2010 19:23:15 +0000

Yes, there has been an update, and Wayne did actually write about it...http://www.vancouverpowersearch.com/update-strata-duplexes-now-okay/

By: advocate

advocate — Thu, 07 Oct 2010 00:00:36 +0000

There is an update to this story that may explain why you heard what you did recently from mortgage brokers. Please see:
http://www.vancouversun.com/technology/Compliance+concerns+prompt+insurers+stop+covering+duplex+mortgages/3579395/story.html

By: Carra

Carra — Wed, 06 Oct 2010 23:35:57 +0000

Today, I contacted 2 mortgage brokers and a bank manager, all of whom indicated that there is absolutely no problem with getting CMHC insurance coverage and and high-ratio financing on strata duplexes. So….looks like your information is incorrect.

By: Advocate

Advocate — Fri, 28 May 2010 17:32:02 +0000

Great story! This shows us that a “non-conforming strata” can actually become a strata without buyers for lack of available financing.