The Government of Canada has announced changes to the Canada Mortgage and Housing Corporation's (CMHC) lending programs supporting existing social housing projects.

The Government — effective immediately — will be accepting the prepayment of closed CMHC mortgages with a yield maintenance prepayment penalty consistent with private lending institutions for eligible existing social housing projects that require capital repairs and renovations.

Brought about by shifting market conditions, the face of the average Canadian homebuyer is also undergoing substantial changes.

As revealed in a national survey from RE/MAX, almost one in five prospective buyers in Alberta is single, with the number of young buyers – those aged 18 to 34 – the highest amongst all the provinces at 40 per cent.