February 28, 2014
Effective May 1st, 2014, CMHC mortgage loan insurance premiums will be increasing. This change will affect:
- Owner-occupied homeowner;
- Self-employed homeowner; and
- 1 to 4 unit rental properties.
How much will this affect you? On average, the increased premiums will equate to an approximate $5 increase in monthly mortgage payments - so not very much at all. The premium increases are also not expected to have any material impact on the Canadian housing market.
If you'd prefer to save the extra $5 per month, get your mortgage application in before May 1st, 2014 with one of my Preferred Mortgage Specialists. Call or email today.
*Special thanks to Randy Chin of RBC for notifying me of this announcment.
*This post made with information referenced from today's CMHC release.