Increase in Homeowner Mortgage Loan Insurance Premiums
CMHC is increasing its homeowner mortgage loan insurance premiums as a result of our regular review of insurance products and to reflect the new OSFI Capital Requirements for Federally Regulated Mortgage Insurers that came into effect on January 1, 2017.
The new premiums are effective March 17, 2017 and will result in an increase of approximately $5 to the monthly mortgage payment of the average CMHC-insured homebuyer. The premium schedule is as follows:
||Total Loan Amount
||Increase to Loan Amount
|Up to and including 65%
|Up to and including 75%
|Up to and including 80%
|Up to and including 85%
|Up to and including 90%
Up to and including 95%
- Traditional Sources of Equity
- Non-traditional Sources of Equity
- CMHC’s new premium rates will be effective for new mortgage loan insurance requests submitted on or after March 17, 2017.
- CMHC’s current premium rates will apply for applications submitted to CMHC prior to March 17, 2017 regardless of the closing date.
- As is normal practice, complete borrower and property details must be submitted to CMHC when requesting mortgage loan insurance.
- The changes do not impact mortgages currently insured by CMHC.
For more information on the new premiums, visit cmhc.ca.