CMHC Insurance Premiums Increased!

The Canada Mortgage and Housing Corporation (“CMHC”) has announced that it will increase the premiums to be paid by homeowners when obtaining a mortgage with less than 20% equity in the property.  The premiums will increase by an average of 15%.

The increase in premiums will result in greater costs to persons buying a home with a down payment of less than 20% of the home’s value and for borrwers taking loans for greater than 80% of the home’s value.

For more information on CMHC insured mortgages, please see our previous post: What is the Effect of a CMHC or GE Insured (“High Ratio”) Mortgage?

See article from CBC News: CMHC Hikes Mortgage Insurance Premiums

For more information, please feel free to contact our office.

KH/Dunkley Law Group

Written by Khalil Haji

Khalil is the principal lawyer of KH/Dunkley Law Group. He graduated as a gold medalist from the University of Calgary’s Haskayne School of Business, and then went on to obtain his Bachelor of Laws degree from the University of Western Ontario (graduating in 2007). After he graduated from the University of Western Ontario, he practiced law at national firms in both Calgary and Toronto. He opened his own firm - KH Law - in 2010, where he practiced until forming KH/Dunkley Law Group.