CMHC announced increases to mortgage default insurance premiums

CMHC announced increases to mortgage default insurance premiums

It will be effective May 1st.

What impact do you think these increases will have on the state of the real estate market in Canada?

Here are the results of a survey that was done:

Minimal impact as the average increase is quite small: 51%

In larger, more expensive markets, there could be a larger impact: 39%

There is value in protecting taxpayers which overrides any impact to the market: 10%

In Canada’s expensive markets, more impact will be felt but a majority say that the premium increases will be minimal. Our respondents saw little reason to focus on protecting taxpayers.

Original article from: http://www.mcap.com/residential/brokers/mortgagenews

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