Effective March 17, 2017, Canada Mortgage and Housing Corporation (CMHC) and Genworth Canada are increasing premiums for mortgage loan insurance. The higher premiums will impact homeowners with an insured mortgage with a loan to value greater than 65%.


What you need to know – keeping in mind that loans under 80% loan to value do not HAVE to be insured in most cases…


  • CMHC estimates that for higher loan to values, on average borrowers will see an increase of $5/month in payments
  • To qualify for current premiums, there is a deadline of 11:59 pm Eastern Time on March 13, 2017 for you to submit a full application, including resubmits and converting a pre-approval to a full application
  • All new deals submitted after the deadline will be subject to the new premiums
  • Here’s how the most common premiums will change:
Loan To Value Ratio Current Effective March 17th
Up to 65% 0.60% 0.60%
65.01% – 75% 0.75% 1.70%
75.01% – 80% 1.25% 2.40%
80.01% – 85% 1.80% 2.80%
85.01% – 90% 2.40% 3.10%
90.01% – 95% 3.60% 4.00%


Note: Premium changes also apply to unique programs such as Genworth’s Alt A and Cottage products or CMHC’s nontraditional down payment.

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