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CMHC raising rates for mortgage insurance, expects small impact on monthly costs
OTTAWA – Canada Mortgage and Housing Corp. will be raising the rates it charges to insure mortgage loans but says the typical home owner will see only a small increase to their monthly costs.
The new rates affect mortgages for owner-occupied homes, self-employed borrowers and rental properties with one to four units.
CMHC estimates the increase will add about $5 per month to the average home buyer’s mortgage payments.
The new premiums go into effect May 1 and apply to new mortgages, not those already insured by CMHC.
The federal agency is the country’s largest insurer of home mortgages.
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