Effective May 1, 2014 CMHC has increased their insurance premiums across the board. This is the first increase since the late ’90s.

The increases are as follows:
– up to and including 95% will go from 2.75% to 3.15%
– up to and including 90% will go from 2% to 2.4%
– up to and including 85% will go from 1.75% to 1.8%
– up to and including 80% will go from 1% to 1.25%
– up to and including 75% will go from .65% to .75%
– up to and including 65% will go from .5% to .6%

As an example, someone buying a home for $350,000 with 5% down will have an increased insurance premium of $1,330.

Remember, this goes into effect May 1, 2014.