Bullet Points

• Self employed workers make up 15% of Canada’s population. In Alberta, 17.2% of workers were self-employed in 2018, ranking closely behind British Columbia (17.9%) and Saskatchewan (17.4%).

• Self employment often comes with variable incomes, which makes it difficult for those workers to qualify for mortgages.

• CMHC is starting to look at mortgages a little differently than previous years, beginning with new factors to support a lender’s decision to allow self-employed workers to qualify for a mortgage. These changes will be especially beneficial for those workers who have been operating their business, or have been in the same line of work, for less than two years.

• New qualifying factors include things such as the acquisition of an established business, sufficient cash reserves, predictable earnings, and previous training and education.

• Additional changes include different document options to satisfy the income and employment requirements of self-employed workers qualifying for a mortgage. As of October 1st, documentation will no longer be the most challenging hurdle to navigate while looking for a loan.

CBC News Reports CMHC to make it easier for self-employed to get a mortgage.

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