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CMHC To Increase Mortgage Insurance Premium

CMHC is increasing its homeowner mortgage loan insurance premiums effective March 17, 2017. 

CMHC’s standard mortgage loan insurance premiums will be changing as follows:

What Do The New Rules Mean For Borrowers?

In response to Federal government’s mortgage rules change announcement on Oct. 03, 2016, all the lenders have implemented the new rules in the past few weeks and now the new lending guidelines are in effect.

Here is a brief summary of the new rules:

1). For insured and insurable deals, the applications have to meet the following parameters: