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CHMC Increasing Premiums June 1, 2015

Blog by | April 6th, 2015

Starting June 1, 2015 CMHC will be increasing it's premiums for borrowers with less than 10% down. They are doing this to boost their capital reserves. What this means to you is that if you have less than 10% down you will have to pay more for CMHC insurance. On a $250,000 mortgage you will be paying $1,500 more. Not a massive increase BUT if you are looking to buy in the next year and have less than 10% down, I recommend doing it before June 1st.

Alexandra Axsen
Owner/Managing Broker
Lake Okanagan Realty Ltd.
506 Doyle Avenue
Kelowna, BC V1Y 6V8
Tel: 250.870.2702
Fax: 778.484.5252