Quote:
Originally Posted by Mike Oxlong
Nope actually that's not it.
If you have a down payment of less than 20% you pay CMHC (or Genworth or Canada Guaranty) fees.
If you sell that house and are moving to another place right away that is more expensive you just pay the difference in the CMHC fees if your downpayment is still less than 20%
CMHC will port your current fees to the new house so you don't get hit twice with them. Even if you move to another lender for the new mortgage the CMHC fees are transferable. You should never have to pay them twice.
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Just to add, also certain size homes are subject to CMHC fees. IIRC correctly, it's under 500 sq feet.
Not something you see too much in Calgary, but a lot more common for buyers here in Van, especially first timers.