CMHC announces changes to insurance premiums
CMHC just announced price increases on its
premiums. On 5% down mortgages the premium will be increased to 3.15% instead
of 2.75%, effective May 1st.What does this mean to you?
Example: Home purchase at $400,000 with 5%
down
Old CMHC premium: $10,450
New CMHC premium: $11,970
The difference? $1,520. In my opinion, this
increase is not significant enough to have any real effect on the housing market.
As with most goods and services, prices eventually go up!
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