CMHC Raises Mortgage Insurance Premiums

Canada's national housing agency has increased the cost of insuring mortgages for homebuyers who make down payments of less than 20%.  Starting in May, homebuyers will pay an average of about 15% more for mortgage insurance.

 

Fact: On a $200,000 mortgage, this will increase the premium by $800.

Fact: If you have an accepted Offer to Purchase in place by May 1st and are closing within 120 of that date, you can avoid the increase in premiums.

 

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