CMHC: Will No Longer Insure Mortgages in Northlands
While in this blog I’ve frequently discussed Vancouver and Toronto, the expensive places to live in Canada, it is sometimes easy to neglect that this is a large and expansive country and that there are many other places that are expensive to live in for many reasons…and I’m not just talking about that mega house in Haileyburey, either.
Recently the Canada Mortgage and Housing Corporation announced that it would no longer insure mortgages in the Northlands Trailer Park in Yellowknife. Citing crumbling water, sewer, and road infrastructure, CMHC has made the decision that until improvements have been made by the Northlands condominium association that mortgage insurance will not be granted to new owners.
According to Mayor Gordon Van Tighem, that as Northlands is a condominium association that the city is only responsible for providing infrastructure to the park and not within it.
So, hopefully there’s a solution here. Obviously, there’s a lot of infrastructure upgrades that need to be done and at this point it could cost each homeowner approximately $70,000 a piece.
In a part of the country where the cost of living is outrageous, what’s to be done?
