Effective May 1, 2004 Canadian mortgage loan insurance preiums for homeowners and buyers of 1-4 runit rental properties. The increase applies to mortgage loan insurance premiums for owner occupied, self-employed and 1-4 unit rental properties, including low ratio refinance premiums. This does not apply to mortgages currently insured by CMHC.
For the average Canadian home buyer requiring CMHC insured financing, the higher premium will result in an increase of approx $5 to their monthly mortgage payment and it's not expected to have a material impact on the housing market.
CMHC reviews its premiums annually and will make announcements on them in the first quarter of each year.
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