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Remember June 1st – Mortgage Insurance Premiums Go Up (May 17, 2015)

Starting June 1st, buyers with less than 10 percent down will see the high-ratio mortgage insurance premiums jump 15 percent, or about $6 a month on a $300,000 mortgage.

What’s it mean to you?

Thinking of selling? The mortgage insurance premium increase will likely add more demand to the spring housing market, as buyers rush to get signed mortgage applications submitted before June 1, 2015. This added buyer “pressure” to purchase “sooner” could set the market up for an unintentional “summer pause”.

I think we will see a nice steady summer but this CMHC adjustment may just cause chaos until June.

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