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CMHC Insurance Rate Increases. Will it hurt? Nope!

Effective May 1st the Canada Mortgage and Housing Corporation (CMHC) will be increasing their rates for mortgage default insurance. This the insurance which allows Canadians to buy a home with as little as 5% down payment. This increase in the insurance premium will apply to all residential and 1-4 unit rental property purchases.

You can see the full details here.

Though this is a 15% increase in premium the average (for all of Canada) mortgage loan with 5% downpayment is $248,000. This increase will only add about $5.00 a month to a mortgage payment.

For Belleville area real estate, our average home sale is quite a bit less at about $215,000. This would create a loan amount of just over $200,000 making the effect of this increase very nominal. It should have little effect on a Buyer’s ability to qualify for a new mortgage.

These increase will take effect for all applications after May 1st, 2014. Any mortgages approved prior to May 1st will be insured at the current rates.