CMHC and Genworth Premiums Increase

It’s all over the news, CMHC and Genworth Premiums are increasing as of March 17th, 2017. It is important to note that anyone approved prior to March 17th gets the current lower premiums regardless of the closing date.

The attached graph shows how it will affect anyone buying a home valued at $400,000 and the increase is pretty substantial. Here’s the breakdown:

With a downpayment of 35%, the premium will stay the same at 0.6%. With a downpayment of 25%, the premium increases from 0.7% to 1.7%. With a downpayment of 20%, the premium increases from 1.25% to 2.4%. With a downpayment of 15%, the premium increases from 1.8% to 2.8%. With a downpayment of 10%, the premium increases from 2.4% to 3.1%. With a downpayment of 5%, the premium increases from 3.6% to 4.0%.