CMHC raising rates for mortgage insurance, expects small impact on monthly costs

By: The Canadian Press

 | Feb 28, 2014 - 11:34 AM |
OTTAWA - Canada Mortgage and Housing Corp. will be raising the rates it charges to insure mortgage loans but says the typical home owner will see only a small increase to their monthly costs.

The new rates affect mortgages for owner-occupied homes, self-employed borrowers and rental properties with one to four units. 

CMHC estimates the increase will add about $5 per month to the average home buyer's mortgage payments.

The new premiums go into effect May 1 and apply to new mortgages, not those already insured by CMHC.

The federal agency is the country's largest insurer of home mortgages.

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