Mortgage on Age Restricted Building?

[bizaro86]

Are there any issues with getting a mortgage on an age restricted condo building? I seem to recall that maybe CMHC wasn't willing to insure properties with that restriction? Anyway, any thoughts on the matter would be appreciated!

I own in an 18+ building that I'm thinking of selling, and if its likely to be an issue for potential buyers I'm going to try and get the bylaws changed.

[DownhillGoat]

Isn't that restriction going away anyway?

[bizaro86]

Originally Posted by DownhillGoat

Isn't that restriction going away anyway?

Yes. After a 15 year transition period that started in 2018. 2033 is longer than I want to wait if its an issue.

https://www.catalystcondos.com/blog/...our%20province.

If I decide to try and convince the other owners the fact that the change is going to be legally mandatory anyway will definitely feature in the argument.

[albertGQ]

Sagen and Canada Guaranty will insure age restricted condos