Genworth will follow CMHC and increase premiums when borrowing money for a mortgage with less than 10% down. Effective June 1, 2015 there will be a 15% increase in these fees. What does that mean? On a $150,000 mortgage it means an additional $675 in fees and on $250,000 it means an additional $1,125 in fees.
In 2014 the average CMHC insured loan at 95% loan to value was $252,530. Based on this figure the higher premium will result in an increase of approximately $5 to the monthly mortgage payment.
Based on a 5 year term at 2.79% and a 25 year amortization.
You may want to consider making that home purchase before June 1, 2015.