Mortgage Insurance Goes Up Nationwide

The premiums on mortgage insurance have gone up nationwide from Canada Mortgage Housing Corp. As of now, CMHC’s average clients will pay a fee of about $5 extra for each month. For each homebuyers paying a down payment of less than 20 per cent, the price of mortgage insurance differs in the country as calculations by mortgage-comparison reveal.


Take, for instance, a homebuyer in Halifax where the standard home price is $279,362 would pay $4.72 extra each month under CMHC’s latest premiums. Over the life of a 25-year mortgage, that’s up by $1,413.


The mortgage insurance premiums for Vancouver would be $16.35 extra per month or $4,904 over 25 years, the average home price has blown up to $995,583. In each case, Ratehub made assumptions that buyers are paying a minimum down payment needed for five-year, a fixed-rate remunerated mortgage of 2.42 per cent over 25 years. Other than monthly payments, huge lump sum payments can be made for mortgage insurance payments.


Time limit is exhausted. Please reload CAPTCHA.