At the beginning of this month, Canada Mortgage and Housing Corporation (CMHC) increased its homeowner mortgage loan insurance premiums. The increase applies to mortgage loan insurance premiums for owner-occupied, self-employed, and 1-to-4 unit rental properties, including low-ratio refinance premiums. According to CMHC, on average that will result in a $5 increase in owners’ monthly mortgage payments. That means the premium for 95% financing increases from 2.75% to 3.15%. For a more standard 75% loan-to-value ratio, the premium increases to 0.75% versus the previous 0.65%.
“This Spring’s low mortgage rates coupled with the higher threshold for being exempt from the PPT offsets the small increase in homeowner mortgage loan insurance premiums,” says Watts.
About BC Notaries
The Society of Notaries Public of BC represents more than 320 highly trained Notary professionals. Most have locally owned and operated offices and all provide personal assistance to clients around the province. Individuals, families, and businesses seek the services of BC Notaries for a wide range of non-contentious legal matters including Residential and Commercial Real Estate Transfers, Mortgage Refinancing, Wills and Advance Health Care Planning, Powers of Attorney, and other important documents.
The Notary’s Tradition of Trust spans 2000 years. Notaries first came to British Columbia over 100 years ago. They continue to serve their valued clients and their communities across the province.
Editors: Local Notaries are available in many areas of BC to talk about what first-time home buyers should consider when purchasing their first home.
Karen Cook Brenda Jones
604 551-9074 604-312-1070