CHMC To Raise Mortgage Premiums May 1, 2014

CMHC has just announced that they will be raising their mortgage premiums effective May 1st. The increase was not from the Department of Finance, this was a business decision from CMHC.

This increase will see the 5% down payment premium increase from 2.75% it is now to 3.15%. This is not a huge increase and is not even as high as it was 15 years ago. In the past the 5% premium was 3.75% when they dropped it down to 3.25% and finally down to the 2.75% we see today. The average mortgage will see about a $5 per month increase in their mortgage payment should they choose to include the mortgage premium in the mortgage.

CMHC’s press release can be found here

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Thanks for reading

Scott Bourke, AMP

Dominion Lending Centres
Regional Mortgage Group

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