CMHC (Canada Mortgage and Housing Corporation) issues mortgage loan default insurance. They recently announced an increase to the premium rate for homebuyers with less than a 10% down payment. This video shows you how the increase will affect your bottom line.
In Toronto, a typical move from a $500,000 home to a $700,000 home may actually be north of $60,000 in costs you’ll never recover. But that same move in a city in Alberta may be less than half of that. It’s amazing how much of a variance there is depending on where you live.