On January 20th, mortgage loan insurance policies to facilitate the financing of student housing in Canada was announced for the Canada Mortgage and Housing Corporation (CMHC).
The Government of Canada will help finance loans of up to 85% of the lending value for the construction, purchase or refinancing of housing that has been purposely built for students both on and off campus through CMHC’s Mortgage Loan Insurance for multi unit student housing.
This initiative helps support the housing needs of Canadian publicly funded educational institutions, which includes universities and colleges.
The demand for student housing is increasing, and it will continue to increase for an extended period of time as a result of changing demographics, forecasted enrolment figures and the continued growth of international students.
More students today want to get out in the world and experience higher learning first hand by moving away from home. Student housing at times can be so limited that not finding a place close to campus can hinder learning or even worse the student is forced to not follow through with their plans.
With this sort of financing, generations to come will be able to do what they dream without having to worry as much about their housing needs.
Glen Chapman
Broker of Record with Club “100″ GMAC Real Estate
www.club100realestate.com
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