CAN MHC Mortgage Insurance Rates

On Jun. 5, CAN MHC revised mortgage insurance rates 30 year loans.

  • CAN MHC reported that it revised homeowner mortgage loan insurance premiums.
  • Review of premiums undertaken in response to CAN GVT announcement to allow 30-year amortization on new construction loans for first time homebuyers, see #209427.
  • Insurance Premiums
  • A premium surcharge of 20 basis points will be applied to qualified first-time homebuyers opting for the increased amortization of 30 years for their mortgage.
  • The premium surcharge chosen takes into consideration the capital impact of 30-year amortizations, while also supporting CMHC’s mandate to promote housing affordability.
  • Effectiveness
  • The new amortization with its surcharge will be available effective Aug. 1, 2024.

Regulators CAN MHC
Entity Types Bank; CNSM; CU; MG Orig; Servicer; Thrift
Reference PR, 6/5/2024
Functions Compliance; Financial; Legal; Product Administration; Reporting
Countries Canada
Products Banking; Mortgage
Regions Am
Rule Type Final
Rule Date 6/5/2024
Effective Date 8/1/2024
Rule Id 214856
Linked to Rule :209427
Reg. Last Update 6/5/2024
Report Section International

Last substantive update on 06/10/2024