CMHC hiking mortgage insurance premiums for third time in 4 years – The Globe and Mail

Posted on Posted in Money and Financing

Well, it’s becoming even harder for first-time buyers or those with less than 20% down. After rising mortgage interest rates and tighter rules for qualifying, now CMHC is raising mortgage insurance premiums. What that means in terms of dollars, is that someone buying an average home in Edmonton with a 5% down payment will have an additional $1400+ tacked onto their mortgage.

 New home buyers taking out insured mortgages will have to dig a bit deeper into their pocketbooks as  Canada Mortgage and Housing Corp. announced it will hike mortgage insurance premiums  for the third time in the past four years.

Source: CMHC hiking mortgage insurance premiums for third time in 4 years – The Globe and Mail