CMHC increasing premiums effective June 1st

CMHC to Increase Mortgage Insurance Premiums

OTTAWA, April 2, 2015 -- As a result of its annual review of its insurance products and capital requirements, CMHC is increasing its homeowner mortgage loan insurance premiums for homebuyers with less than a 10% down payment. Effective June 1, 2015, the mortgage loan insurance premiums for homebuyers with less than a 10% down payment will increase by approximately 15%.


For the average Canadian homebuyer who has less than a 10% down payment, the higher premium will result in an increase of approximately $5 to their monthly mortgage payment. This is not expected to have a material impact on housing markets.

http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2015/2015-04-02-1605.cfm