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CMHC to raise mortgage insurance premiums
– moneysense.ca
OTTAWA — Canada Mortgage and Housing Corp. is raising the cost of mortgage loan insurance effective March 17.
The Crown corporation estimates the increases will add about $5 to a monthly mortgage payment for its average homebuyer.
CMHC says the changes reflect new regulatory requirements that came into effect on Jan. 1 that require mortgage insurers to hold additional capital.
The premiums are calculated based on the loan-to-value ratio of the mortgage being insured.
The size of the increase in rates depends on that ratio.
Lenders typically require mortgage loan insurance when a homebuyer makes a down payment of less than 20 per cent.
The cost can be paid in a single lump sum, but CMHC says the amount is often added to the mortgage principal and repaid over the life of the loan.
The Crown corporation estimates the increases will add about $5 to a monthly mortgage payment for its average homebuyer.
CMHC says the changes reflect new regulatory requirements that came into effect on Jan. 1 that require mortgage insurers to hold additional capital.
The premiums are calculated based on the loan-to-value ratio of the mortgage being insured.
The size of the increase in rates depends on that ratio.
Lenders typically require mortgage loan insurance when a homebuyer makes a down payment of less than 20 per cent.
The cost can be paid in a single lump sum, but CMHC says the amount is often added to the mortgage principal and repaid over the life of the loan.
Read more:
Regulators should explore boosting minimum down payment: CMHC
Mortgage insurance changes will impact buyers
Can I get mortgage insurance if I’m on long-term disability?
The post CMHC to raise mortgage insurance premiums appeared first on MoneySense.
CMHC to raise mortgage insurance premiums for new homebuyers as of March 17
– canadianbusiness.com
OTTAWA _ Canada Mortgage and Housing Corp. is raising the cost of mortgage loan insurance for new homebuyers effective March 17.
The Crown corporation estimates the increases will add about $5 to a monthly mortgage payment for its average homebuyer.
“We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home,” Steven Mennill, CMHC’s senior vice-president of insurance, said in a statement.
CMHC says the changes reflect new regulatory requirements that came into effect on Jan. 1 that require mortgage insurers to hold additional capital.
The premiums are calculated based on the loan-to-value ratio of the mortgage being insured. The size of the increase in rates depends on that ratio.
For instance, new homeowners who make a down payment between five to 9.99 per cent can expect an increase of $6.59 to their monthly mortgage if their loan is $350,000.
For the same loan amount, those with a 10 to 14.99 per cent down payment face an increase of $11…
The Crown corporation estimates the increases will add about $5 to a monthly mortgage payment for its average homebuyer.
“We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home,” Steven Mennill, CMHC’s senior vice-president of insurance, said in a statement.
CMHC says the changes reflect new regulatory requirements that came into effect on Jan. 1 that require mortgage insurers to hold additional capital.
The premiums are calculated based on the loan-to-value ratio of the mortgage being insured. The size of the increase in rates depends on that ratio.
For instance, new homeowners who make a down payment between five to 9.99 per cent can expect an increase of $6.59 to their monthly mortgage if their loan is $350,000.
For the same loan amount, those with a 10 to 14.99 per cent down payment face an increase of $11…
Financial impact of Fort McMurray wildfire reaches $9.5 billion: study
– canadianbusiness.com
EDMONTON _ An assessment of the total financial impact of last spring’s Fort McMurray wildfire is pegging the direct and indirect costs of the blaze at $9.5 billion.
The figure includes the expense of replacing buildings and infrastructure as well as lost income, profits and royalties in the oilsands and forestry industries, said MacEwan University economist Rafat Alam.
It also includes early estimates on indirect costs such as environmental damage, lost timber and physical and mental-health treatment.
The estimate will go even higher, Alam said Tuesday.
“It’s not fully done yet. More data kept coming and I’m sure it will keep coming in.”
Alam said it can take up to 10 years to get a complete picture of everything that happened and what it cost.
His figure dwarfs the $3.7 billion insurance companies have estimated they will pay out.
The blaze destroyed 1,800 single-family homes and numerous other structures and forced more than 80,000 people to leave.
The fire began in a remote forested area southwest of the city on May 1 during a spell of unusually hot and dry spring weather…
The figure includes the expense of replacing buildings and infrastructure as well as lost income, profits and royalties in the oilsands and forestry industries, said MacEwan University economist Rafat Alam.
It also includes early estimates on indirect costs such as environmental damage, lost timber and physical and mental-health treatment.
The estimate will go even higher, Alam said Tuesday.
“It’s not fully done yet. More data kept coming and I’m sure it will keep coming in.”
Alam said it can take up to 10 years to get a complete picture of everything that happened and what it cost.
His figure dwarfs the $3.7 billion insurance companies have estimated they will pay out.
The blaze destroyed 1,800 single-family homes and numerous other structures and forced more than 80,000 people to leave.
The fire began in a remote forested area southwest of the city on May 1 during a spell of unusually hot and dry spring weather…
Increase in CMHC fees will have little impact on buyers
– moneysense.ca
Earlier today, the Canada Mortgage and Housing Corporation—the crown corporation responsible for housing in Canada—announced it’s raising mortgage loan insurance premiums as of March 17, 2017.
This new increase in CMHC fees “will result in an increase of about $5 a month for the average homebuyer,” as explained in the CMHC press statement.
Steven Mennill, senior vice-president of insurance at CMHC, also said, in the news release that the corporation “doesn’t expect the higher premiums to have a significant impact on the ability of Canadians to buy a home. Overall, the changes will preserve competition in the mortgage loan insurance industry and contribute to financial stability.”
Ratehub.ca co-founder and President of Canwise Financial, James Laird, added: “Relative to the rule changes that were implemented in late 2016 this is not a major change. Premiums will be increased for all of those Canadians with less than 20% down, but these premiums are added on to the mortgage and paid off over the life of the mortgage, so the cash required on closing does not change…
