As if homebuyers don’t have a hard enough time these days in buying a home, there is another whammy ahead.
If you are planning to buy a property and require financing, you should take note that new insurance premiums on mortgages will take effective on March 17, 2017.
The percentage changes are pretty significant as you can see below and while they might only cost a few extra dollars every month, they will certainly add up significantly over the life of the mortgage if you roll them into the mortgage balance to be financed. In addition, the mortgage insurance premiums attract PST which must be paid on the closing of your transaction.
I don’t know about you but given that CMHC has net income in the billions, this feels like a money grab on the backs of anxious home buyers. What do you think?
Marg Scheben-Edey is a Broker with RE/MAX four seasons realty limited, Brokerage in beautiful Collingwood, ON. With three decades of experience, Marg is a leader in the local real estate marketplace and is ready to help guide both Buyers and Sellers in achieving their real estate goals. Email Marg