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CMHC Insurance Premiums Increased!

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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 | TM Law Group. He is experienced in all areas of the law serviced by KH | TM Law Group, with extensive experience in residential and commercial real estate transactions, commercial financing transactions, development and condominium law, mobile home transactions, leasing, purchases and sales of businesses, contract drafting, and wills and estate administration.
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