Question 1

What does CMHC mortgage insurance cost?

Accepted Answer

Mortgage default insurance is required when the down payment is under 20%. On a 25-year amortization, premiums range from 2.80% of the mortgage amount (15–19.99% down) to 4.00% (5–9.99% down). For a $500,000 home with 10% down, the premium is $13,950.

Question 2

What is the mortgage stress test rate?

Accepted Answer

Borrowers at federally regulated lenders must qualify at the higher of their contract rate plus 2 percentage points or 5.25%, so they can handle rate increases.

Question 3

Can I use the FHSA and the Home Buyers’ Plan together for my first home?

Accepted Answer

Yes. First-time buyers can combine FHSA savings (up to $40,000 in lifetime contributions) with an RRSP Home Buyers’ Plan withdrawal (up to $60,000), for up to $100,000 in tax-advantaged funds toward a home.

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