As a result of its annual pricing review, Canada Mortgage and Housing Corporation (CMHC) is increasing its mortgage loan insurance premium rates for multi-unit properties.
Effective June 19, 2023, premium rates will increase by 1.55% for MLI Select properties and either .85% or .75% for standard rental housing, retirement and supportive housing, and student housing/single room occupancy (SRO) properties.
The increase reflects the adoption by CMHC of new accounting standards through the International Financial Reporting Standards 17 (IFRS 17) and related changes that came into effect January 1, 2023.
For rental housing providers, CMHC is committed to working with clients in ensuring a smooth transition to the new premiums. Please contact our Client Relations team at FIMulti@cmhc.ca for further support.
Learn more about CMHC’s multi-unit mortgage loan insurance products for rental housing.