- For a $250,000 mortgage, a Buyer with 5% down will now be paying an additional $1,000.
- For a $450,000 mortgage, a Buyer with 5% down will now be paying an additional $$1,800.
- For a $250,000 mortgage, a Buyer with 15% down will be paying an additional $125.
What the Premium Increase Means to the Average Toronto Buyer:
- The higher your downpayment, the less CMHC insurance premium you will have to pay.
- To avoid the increased fee, make sure that your lender submits a request for CMHC insurance for you prior to May 1, 2014.
- The closing date on your new home is irrelevant, but you'll need to have an Agreement of Purchase and Sale in place and have your mortgage in process by May 1, 2014.
P. Eng. Broker
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
FAX 905-828-2829 CELL 416-520-1577
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