Hike in Mortgage Insurance Premiums!

Just in....mortgage insurance premiums hike once again

Well, just marginally and this only affects those that put less than 10% down. So attention many first-time-home-buyers. The graph below explains the monthly amount your mortgage will increase by. 

Mortgage Hike

CMHC made this announcement early Tuesday, January 17th, 2017 and will be effective March 17th, 2017.  

Our last hike in insurance premiums happened less than 2 years ago in April 2015. 

We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home...Overall, the changes will preserve competition in the mortgage loan insurance industry and contribute to financial stability.
— Steven Mennill, Senior Vice-President, Insurance.