CMHC raising rates for mortgage insurance, expects small impact on monthly costs

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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.

Organizations: Canada Mortgage and Housing

Geographic location: OTTAWA

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  • UPWESTER
    February 28, 2014 - 12:49

    It didn't take long for the guy from Goldman Sachs to raise fees. Now that they have someone from GS, we can expect these kinds of rate hikes from now on. CMHC worked well for Canadians during the mortgate crisis caused by firms such as Goldman Sachs, so they decided to put one of their own people in charge at CMHC so they can gan contril of it because they didn't like the way CMHC protected Canadians.