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.
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