In another ‘effort' to make housing more ‘affordable' for Canadians, CMHC raised their mortgage insurance premiums on January 17th, 2017.

These new premiums are seen as a direct consequence of the regulatory changes implemented by the federal government in October 2016. In their press release, CMHC advises that it should only increase the average monthly mortgage payment by $5. However, that’s based on the national average mortgage of $245,000. Unfortunately, homeowners in Vancouver who have a $245,000 mortgage are far and few between.

Contact Paul for more information or help with your mortgage needs (pre-approval, refinancing, advice).

Article Source: 4 Front Mortgages / Mortgage Alliance (reprinted with permission)