From Canada Mortgage And Housing Corporation. Feb 28th 2014:
Following the annual review of its insurance products and capital requirements, CMHC will increase its mortgage loan insurance premiums for homeowner and 1 – 4 unit rental properties effective May 1, 2014.
While not a huge number, it will mean an increase in the monthly carryng cost for many homeowners who have a limited downpayment in place.
|
Loan-to-Value Ratio |
Standard Premium (Current) |
Standard Premium (Effective May 1st, 2014) |
|
Up to and including 65% |
0.50% |
0.60% |
|
Up to and including 75% |
0.65% |
0.75% |
|
Up to and including 80% |
1.00% |
1.25% |
|
Up to and including 85% |
1.75% |
1.80% |
|
Up to and including 90% |
2.00% |
2.40% |
|
Up to and including 95% |
2.75% |
3.15% |
|
90.01% to 95% – Non-Traditional Down Payment |
2.90% |
3.35% |