CMHC announced that they are increasing the Premium for Homebuyers with less than 10% down payment.
Increase from 3.15% to 3.60%
The new rates go into effect June 1 and mean mortgage default payments for people with 10% down or less will increase by 15%. The premium in that category will rise to 3.6% of the value of the mortgage from 3.15% which CMHC says amounts to about $5 on a monthly mortgage.
NOTE - Currently this is only affecting Mortgages Submitted to CMHC. No word from Genworth or Canada Guaranty... yet.
Full Article - Canada Mortgage and Housing Corp takes aim at homebuyers with less than 10% down