The Canada Mortgage and Housing Corporation has announced that it will be increasing mortgage insurance premiums effective on May 1, 2014.
“The higher premiums reflect CMHC’s higher capital targets,” said the Vice President of Canada Mortgage and Housing Corporation’s Insurance Operations, Steven Mennill. “CMHC’s capital holdings reduce Canadian taxpayers’ exposure to the housing market and contribute to the long term stability of the financial system.”
For a table explaining the increases for different loan-to-value ratios, click here.
http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/2014-02-28-1100.cfm
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