CMHC to Increase Mortgage Insurance Premiums

By: Rita Garami

CMHC to Increase Mortgage Insurance Premiums

Tags: CMHC,Mortgage,First Time Home Buyers,Real Estate



 CMHC Hikes Premiums Again?

Canada Mortgage and Housing Corp. is raising mortgage insurance premiums for homebuyers with less than a 10 per cent down payment by about 15 per cent, effective June 1.

Premiums for homebuyers with a down payment of 10 per cent or more and for CMHC's portfolio insurance and multi-unit insurance products are unchanged. 

The changes do not apply to mortgages currently insured by CMHC.

So If you plan to buy a home with less than 10% down and get CMHC insurance, get ready to pay another $450 per $100,000 of mortgage.

CMHC has just engineered another mini brushfire of first time homebuyers racing to beat the deadline and who could blame them?

Click here to view CMHC website for detailed information