CMHC UPDATE—Currently the Government of Canada backs billions of dollars in conventional mortgages in Canada. Their current funding limit, to cover conventional mortgages, is $600 billion and recently, the public was advised that they are nearing their limit by $60 billion. Some are under the impression that if CMHC does reach their limit, that means mortgage default insurance will have to be supplied by Genworth and other smaller default mortgage insurance providers until they reach their limits. The fear that some people may have after hearing this information could be the misleading idea that the 5% down payment and 30 year amortization might cease to exist. This is extremely unlikely. The Harper Government understands the value of the liquidity in the Canadian Real Estate market and will most likely boost their limit to accommodate home buyers who will rely on the 5% down & 30 year amortization period.