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CMHC Mortgage Ins ends for Homes over $1 million

Blog by Diane Cardoso | August 6th, 2014

       CMHC Mortgage Insurance ends at homes of $1 million or more.
Home Buyer's with more than 20% downpayment are not required to purchase mortgage loan insurance.  However, on July 31, 2014, CMHC (Canada Mortgage and Housing Corp), Canada's largest provider of mortgage insurance will stop providing mortgage insurance for homes that cost $1 million or more, no matter what the size of downpayment.  Company's such as Genworth and Canada Guaranty may still provide mortgage loan insurance for these homes.