If you’re purchasing a home with a down payment that is less than 20% of the purchase price, your mortgage must be insured with CMHC (or Genworth). The mortgage default insurance premiums increased on March 17, 2017.

Conclusion: Your mortgage will be more expensive. See below for the rate changes currently in effect.

Contact me anytime for your mortgage pre-approval or to discuss these and other mortgage-related regulations – it will be a pleasure to help.