September 17, 2018
Canada Mortgage and Housing Corporation (CMHC) is making it easier for self-employed
Canadians to qualify for a mortgage – as of October 1st, 2018 – by providing lenders with more guidance and flexibility than ever before.
Self-employed Canadians are key contributors to strong and vibrant communities, and make up about 15% of Canada’s population, says CMHC, adding that this sector often has difficulty qualifying for a mortgage as their incomes can vary or are less predictable.
This is welcome news for Albertans, as a recent CBC article reports people working for themselves accounts for a whopping 86% of the province’s net job growth over the past 1.5 years!
Whether out of a sense of opportunity or necessity (or a little bit of both), these people have chosen to stop seeking a steady paycheque and set out to be their own boss.
Roughly 410,000 Albertans are now self-employed. That’s an increase of 43,000 from just 1.5 years ago. The number of people working as employees over the same time span, however, grew by just 7,000.
Please like & share: