View this video by the Globe and Mail to see what the cost of the CMHC premium increase is going to mean to people who have a down payment of less than 10%.
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Are CMHC and Genworth’s mortgage insurance fee hikes targeting first-time buyers?
The Financial Post, April 6, 2015
"Canada's largest private mortgage default insurer raised its premiums Monday, adding to the financial burden for buyers with less than a 10% down payment – usually first time homeowners.
The move by Genworth Canada, which matches an increase announced Thursday by Canada Mortgage and Housing Corp. will raise insurance costs by 15% for those Canadians with the highest debt value mortgages allowed by Ottawa."