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Mortgage Insurer are hiking premiums

  Canada’s largest private mortgage insurer is increasing its premiums, following a hike by CMHC. Genworth says that the change is not expected to have a significant impact on homeowners with a 5 per cent downpayment on a $300,000 mortgage rising by $6 per month. The increase in that example would be from 3.6 per cent to 4.0 per cent. While there will be no increase in premiums for loan-to-value ratios up to 65 per cent, the increases are greater for other values.

New LTT rebate for first-time buyers

New Land Transfer Tax rebate for first-time buyers in Ontario Steve Randall First-time buyers in Ontario will benefit from the newly-extended land transfer tax rebate announced Tuesday. Buyers can now claim back up to $4,000 which for cities with an average price of $368,000 or less will mean they pay no LTT at all. The previous rebate was $2,000. “This tax break will go a long way towards making home ownership more affordable for first-time buyers in Peterb
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