BREAKING: CMHC announces increase to insurance premium rates
In an announcement made earlier today, the cost of CMHC insurance will increase, starting on March 17th 2017. For buyers with the minimum 5% down payment, the premium will rise from 3.60% to 4.00% of the total loan amount. It is assumed that Canada's other two insurers, Genworth and Canada Guaranty, will likely also follow suit. If you are currently pre-approved and looking for a home, you will need to write an offer on a property prior to the March 17th deadline to avoid the premium increase.