CMHC Mortgage Insurance Rates to Increase March 17th

CMHC has announced that it will be increasing the price for mortgage insurance effective March 17th. This is in response to new government regulations requiring higher capital reserves. Genworth (the private sector equivalent of CMHC) has announced that it will match the CMHC price increase. The price increase will only affect those that submit an offer to purchase after March 17th and according to CMHC the average mortgage will only see an increase of five dollars a month. So if your mortgage is already in place or you have already applied for a mortgage you can relax as it shouldn’t apply to you.