Both CMHC and Genworth increased their premiums effective June 1,2015 for first time home buyers for those with less than 10% down payment.The actual increase is from 3.15% to 3.60%. The result is that the monthly payment for the insurance for an average $300,000 mortgage increase by $4.50 per month to $36.00 from $31.50.When you break it down it's clear to see that in itself we should not expect this increase to have any significant impact on the market.
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