The Canadian National Housing Agency has increased the Premium amount for mortgages by 15%. This insurance premium is charged when home buyers have less than 20% down payment to put on their purchase. This increase will take affect as of May 1st, 2014. Before the increase was announced, premiums were in the range between 0.5% – 2.75%. However, with this increase the ranges are now between 0.6% – 3.15%. The individuals who would be most impacted by this increase are the home buyers who are only putting 5% down payment. Since this is the lowest amount you can put down on a home, it would hurt them the most and take a big chunk out of the down payment.
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The Government of Canada made some changes to High Ratio mortgage financing rules yesterday.  It is the fourth change since 2008.  The changes take effect July 9^th.
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CMHC announced that it will pull back on its growth of insured mortgage funding over the next 5 years.  With total mortgages insured by CMHC close to 557 billion by the end of the year the government has put pressure on CMHC to start to slow down on amount of mortgages they insure.
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