CIBC FirstLine is no longer accepting applications from “stated-income” homebuyers.

CIBCFirstLine MortgagesCIBC FirstLine has decided to stop accepting applications from self-employed homebuyers. If all major banks follow this move, it could have a devastating effect on our real estate industry.

Steve Garganis, a broker with The Mortgage Centre, had said, “These aren’t B-level homebuyers. This is your next-door neighbour who’s maybe a consultant who works from home. This is your contractor or anyone who isn’t taxed by their employer every paycheque and is considered self-employed. This is a huge segment of the population.”

Read the entire feature here.