Canadian Mortgage Costs Are Increasing... Again
Near the end of 2016 Canadians experienced a couple significant mortgage rule changes affecting the mortgage amount one could qualify for as well as increased costs to mortgage lenders which of course have been passed down to consumers like you and me. Now, Canadians need to prepare for further increases in mortgage borrowing costs. On Jan 17th, CMHC announced they would be raising their mortgage insurance premiums. Genworth Canada has already voiced that they will be following suite and Canada Guaranty won't be far behind with a similar announcement. Official CMHC news release here . The following chart outlines the premium increases: Canadians experience a premium increase seemly, not that long ago in July of 2014. CMHC has attempted to downplay the additional costs to borrows by stating the higher premium will result in an increase of approximately $5 to one's mortgage payments. I'm not sure exactly how they came to that number but, the premium increase a