Increases in CMHC & Genworth Loan Insurance Premiums
February 2014: Effective May 1st, 2014 CMHC and Genworth are increasing their homeowner mortgage loan insurance premiums. The increase applies to mortgage loan insurance premiums for owner occupied, self-employed, and 1-to-4 unit rental properties. What does this mean to you? For the average home buyer, the increase will result in an increase of about $5 to the monthly mortgage payment.
The increases will be as follows:
| Loan-to-Value Ratio | Standard Premium (Current) | Standard Premium (Effective May 1st, 2014) |
| Up to and including 65% | 0.50% | 0.60% |
| Up to and including 75% | 0.65% | 0.75% |
| Up to and including 80% | 1.00% | 1.25% |
| Up to and including 85% | 1.75% | 1.80% |
| Up to and including 90% | 2.00% | 2.40% |
| Up to and including 95% | 2.75% | 3.15% |
| 90.01% to 95% – Non-Traditional Down Payment. CMHC only. | 2.90% | 3.35% |