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CMHC insurance increases not as menial as believed

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Real Estate Professional | 06 Apr 2015, 09:53 AM Agree 0
The Canada Mortgage and Housing Corp. announced it will increase insurance premiums for those homeowners with less than 10 per cent down and players expect the move to impact one type of client in particular.
  • | 06 Apr 2015, 12:00 PM Agree 0
    THE USUAL ILLOGICAL CHARACTERISTIC OF OUR AMAZING SYSTEM , THOSE THAT CAN'T AFFORD MORE THEN 5 % DOWN SHOULD BE PUNISHED TO PAY MORE ,NO WONDER THE SYSTEM OF THIS INTELLIGENT LOGIC DOES NOT WORK ,MAYBE MY STATEMENT ITS KIND OF POLITICAL ,BUT ITS THE TRUTH ,HOW CAN SALES GO UP WHEN WE EXCLUDE THE BIGGEST MARKET ? THE FIRST TIME BUYERS ; FIRST THE LATE MINISTER OF FINANCE BRINGS THE AMORTIZATION PERIOD FROM 40 YEARS TO 25 AND AS YOU KNOW THE RESULT ,IT MAKES IT A LARGER PAYMENT THAT AVERAGE PEOPLE CAN'T AFFORD A HOUSE ,NOW THEY CMHC INCREASES THE RATE OF THEIR INSURANCE PREMIUMS , SO THE RESULT IS THAT 8 OUT OF 10 OF MY SALES DO NOT FINALLY QUALIFY FOR A MORTGAGE , TOTALLY GREAT FOR THE ECONOMY ??????
  • Jason | 06 Apr 2015, 12:09 PM Agree 0
    If you think an extra $5 a month isn't affordable then where do you expect people to get an extra 15% from?

    However, I don't think an extra $5 per month is that unaffordable. It's the "latte factor". I'm not saying that I agree with the CHMC hike but if you can't afford an extra $5 a month then you probably can't afford home ownership anyway.
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