Buyers who apply for a mortgage are required to obtain CMHC mortgage insurance if they do not have a down payment of at least 20% of the total value of the home they wish to purchase.
For example, a person who buys a $250,000 home with a 5% down payment ($12,500) will have to pay approximately $8550 in mortgage default insurance*, a considerable amount.
However, in order to encourage the purchase of energy efficient homes, CMHC offers a premium rebate of 15% to 25%.
To qualify, your home must be evaluated by one of our advisors to determine the EnerGuide rating. The premium is then calculated based on the rating using the gigajoule (GJ) per year scale.
You may also be able to participate in this program if you are purchasing or refinancing an existing home and renovating it to improve its energy efficiency.
To do this, the home must be evaluated by one of our advisors to establish the EnerGuide rating before and after the renovation (two separate visits). The premium refund is then determined according to the tables here on the official website : https://www.cmhc-schl.gc.ca/en/
CMHC’s MLI Select program allows rental property owners to obtain mortgage loan insurance relief for the construction, purchase or refinancing of multi-family residential buildings of 5 units or more.
To verify your eligibility and to consult all the information about the CMHC Eco Plus program, visit the CMHC WEBSITE.
* Based on a 25-year amortization period.
Calculated using the CMHC premium calculator