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Change in Mortgage Loan Insurance Premiums on March 17, 2017

Change in Mortgage Loan Insurance Premiums on March 17, 2017

I want to let you know about some changes for Mortgages that are effective March 17, 2017:

Change in Mortgage Loan Insurance Premiums

Effective March 17, 2017, Canada Mortgage and Housing Corporation (CMHC) and Genworth Canada are increasing premiums for mortgage loan insurance. The higher premiums will impact homeowners with an insured mortgage with a loan to value greater than 65%.


What you need to know


  • CMHC estimates that for higher loan to values, on average borrowers will see an increase in monthly payments
  • To qualify for current premiums, there is a deadline of 11:59 pm Eastern Time on March 13, 2017 for us to submit a full application, including resubmits and converting a pre-approval to a full application
  • All new deals submitted after the deadline will be subject to the new premiums
  • Here’s how the most common premiums will change:
Loan To Value RatioCurrentEffective March 17th
Up to 65%0.60%0.60%
65.01% – 75%0.75%1.70%
75.01% – 80%1.25%2.40%
80.01% – 85%1.80%2.80%
85.01% – 90%2.40%3.10%
90.01% – 95%3.60%4.00%


Note: Premium changes also apply to unique programs such as Genworth’s Alt A and Cottage products or CMHC’s nontraditional down payment.


Improving Financing in Small Communities


Effective today, the policy for lending in small communities has been updated as follows:

  • The distance from an urban location that defines a small community has been increased from 50km to 100km
  • The maximum loan to value for conventional financing has increased from 50% to 65%
  • Purchases in small communities >65% loan to value remain permitted with insurance

If you would like more information on the CMHC (Canada Mortgage and Housing Corporation) Rate Increases, or to complete an Pre-approval applicaiton today, please contact me to get started!


Real Mortgage Associates is one of South Western Ontario’s leading Mortgage Broker/Mortgage Agent companies, offering seamless solutions to all your mortgage needs. Whether you want to buy a new home, mortgage renewal, consolidate debt, or refinance an existing loan or mortgage, we offer you Real solutions for your unique goals. We offer effective Mortgage solutions for all of Southwestern Ontario including Ayr, Kitchener, Waterloo, Cambridge, Brantford, Paris, Guelph, Hamilton, Milton, Mississauga, Toronto, and cottage country, Barrie, Muskoka, Kawartha, Gravenhurst, Bracebridge, and Huntsville.