28 February 2014
28 February 2014
“Such numbers are based on a five-year mortgage with the current rates and 25 year amortization. The premium increase will not show major influence on the Canadian housing market.”
Now we can only wait to see whether two other Canadian insurers (Canada Guaranty and Genworth) decide to follow the Corporation’s example.
Here is a comparison chart of the current rates and the new ones.
|
Loan-to-Value Ratio |
Standard Premium (Current) |
Standard Premium (Effective May 1st, 2014) |
|
Up to and including 65% |
0.50% |
0.60% |
|
Up to and including 75% |
0.65% |
0.75% |
|
Up to and including 80% |
1.00% |
1.25% |
|
Up to and including 85% |
1.75% |
1.80% |
|
Up to and including 90% |
2.00% |
2.40% |
|
Up to and including 95% |
2.75% |
3.15% |
|
90.01% to 95% – Non-Traditional Down Payment |
2.90% |
3.35% |