Chnages in the Mortgage Industry...

CMHC just announced it is increasing its premiums effective May 1st, 2014. They state it will translate to an extra $5.00 per month on average and does not apply to existing policy holders. Keep in mind that CMHC accounts for almost 70% of all high ratio mortgage insurance. Genworth and Canada Guarantee also provide insurance and they not only followed suit but they were the ones who lobbied for the increase.

Did I also forget to mention mention that CMHC expects to generate $175million in additional revenues from this rate increase?

Let us keep investing.

See article below:

http://www.thestar.com/business/2014/02/28/cmhc_to_hike_mortgage_insurance_premiums.html

 

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Latoya Wallace

Latoya Wallace

Real Estate Broker
CENTURY 21 Leading Edge Realty Inc., Brokerage*
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