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Old 03-31-2021, 01:42 PM   #1
bizaro86
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Default Mortgage on Age Restricted Building?

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.
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Old 03-31-2021, 01:44 PM   #2
DownhillGoat
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Isn't that restriction going away anyway?
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Old 04-01-2021, 12:04 AM   #3
bizaro86
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Quote:
Originally Posted by DownhillGoat View Post
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.
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Old 04-03-2021, 08:36 AM   #4
albertGQ
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Sagen and Canada Guaranty will insure age restricted condos
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