CMHC Revises Homeowner Mortgage Loan Insurance Premiums

In response to the Government of Canada’s recent announcement to allow 30-year amortization for first-time home buyers purchasing a newly constructed home, CMHC has undertaken a review of its premiums.

Effective August 1st, a premium surcharge of 20 basis points will be applied to qualified first-time homebuyers opting for the increased amortization of 30 years. The premium surcharge chosen takes into consideration the capital impact of 30-year amortizations, while also supporting CMHC’s mandate to promote housing affordability.

Please note we are awaiting the terms and conditions to be announced by the Department of Finance in order to begin accepting applications.