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CMHC to Increase Mortgage Insurance Premiums

OTTAWA, ONTARIO--(Marketwired - April 2, 2015) - As a result of its annual review of its insurance products and capital requirements, CMHC is increasing its homeowner mortgage loan insurance premiums for homebuyers with less than a 10% down payment. Effective June 1, 2015, the mortgage loan insurance premiums for homebuyers with less than a 10% down payment will increase by approximately 15%.

For the average Canadian homebuyer who has less than a 10% down payment, the higher premium will result in an increase of approximately $5 to their monthly mortgage payment. This is not expected to have a material impact on housing markets.

Kim McConnell

Kim McConnell

REALTORĀ®
CENTURY 21 Advanced Realty
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