The Globe and Mail recently put together a neat little video explaining how the changes will affect your monthly mortgage payments. Spoiler alert: It’s not that much of a difference when all is said and done. This video is also very useful in helping understand how mortgage insurance premiums work in general. I know a lot of my clients are confused when it comes to CMHC/Genworth premiums. These changes come into effect June 1, 2015.
Click on image to be taken to theglobeandmail.com to view video.