Effective May 1, 2014 Canadian Mortgage and Housing [CMHC] will be increasing its mortgage loan insurance premiums.
The increase will apply to mortgage loan insurance premiums for owner occupied homes, homebuyers who are self employed and to 1-to-4 unit rental properties, including low-ratio refinance mortgages. Canadian homebuyers requiring CMHC insured financing will pay about $5 more per month.
A bit of good news… increased premiums will not apply to mortgages currently insured by CMHC. For more information go to the Canadian Mortgage and Housing website.