It was announced on January 17, 2017 that CMHC mortgage insurance premiums would be increasing for new home buyers who will be putting 15%, 10% and 5% down on a new mortgage. CBC described this as saying mortgage holders will be charged ‘slightly more’ every month. ‘Slightly more’ could actually cost you tens of thousands of dollar in the long run!What is CMHC mortgage insurance By law in Canada, anyone who puts down less than 20 per cent on the purchase of a new home must pay the CMHC mortgage insurance premium – a percentage of the total purchase that covers the mortgage issuer in the …
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