OTTAWA — Effective June 22, 2016, Canada Mortgage and Housing Corporation (CMHC) is increasing its CMHC Green Home premium refund from 10% to as much as 25% depending on the level of energy-efficiency achieved. Introduced in 2004, CMHC Green Home offers a partial premium refund to borrowers who buy, build or renovate for energy efficiency using CMHC-insured financing.
CMHC is also updating the eligibility requirements to reflect changes to the EnerGuide Rating System. CMHC is Canada’s only mortgage insurer prepared to accept applications for homes assessed using either the current 0-100 scale or the new gigajoule scale. The enhancements demonstrate CMHC’s leadership in the mortgage insurance industry.
Additional information on CMHC Green Home can be found at: www.cmhc.ca/greenhome
Amortization periods refer to the length of time it takes you to repay your mortgage.
Typical amortization periods range from 10 to 25 years. Longer amortization periods mean lower mortgage payments, but in the end you pay more interest.
Shorter amortization periods save you money and help you pay off your mortgage faster. But they may impact your ability to save for other things, afford what is important to you, or make your mortgage payments in the event your financial circumstances change.
Only you can assess your finances and choose an amortization period that suits you and your budget.
Buying a home may be one of the biggest financial decisions you’ll ever make. That’s why financial literacy is so important and why I’m pleased that November is Financial Literacy Month. When you have the financial knowledge you need, you are better able to make informed choices and contribute to a prosperous Canadian economy.
Video credit: Canadian Real Estate Association (CREA)
Vancouver - BC Real Estate Association (BCREA) Chief Economist Cameron Muir discusses the April 2015 statistics.