Breaking CMHC News!
In a well-timed press release - perhaps to avoid making too much news - the brass at CMHC has announced another mortgage insurance premium increase for people who buy a home with less than 10% down.
The new premium will be 3.6% - a 15% increase over the previous number and very close to the 3.75% premium people USED to pay before the government poured all kinds of gas on the raging inferno we had for a housing market in the mid 2000's.
For the average homeowner this won't have a huge impact on their monthly payments, but it is telling: CMHC (otherwise known as the "Mothership") thinks that property values may fall and that higher ratio financing is increasingly risky...so premiums must go up.
You can read the entire press release here: