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In the News – CMHC Premiums to Rise
The Canadian Mortgage and Housing Corporation has announced that, this coming March, it will be making a slight increase to premiums that homeowners have to pay to insure their mortgages. Effective March 17, 2017 CMHC premiums will increase as follows:
The higher premiums will only apply to mortgage applications that have been received after March 17, 2017.
The CBC recently released an interesting write up on the subject and cites the OFSI recent requirement to banks and insurers to hold more capital against the mortgages on their books as the reason for the increase. This is the first time CMHC has increased its premiums since 2015. Read more on this here: http://www.cbc.ca/news/business/cmhc-mortgage-insurance-1.3938943.
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