Help First Time Home Buyers By Lowering CMHC Mortgage Insurance Premiums
This petition had 70 supporters
Help save First Time Home Buyers over $1,700 on their Mortgage by Lowering CMHC Insurance Premiums for this important group.
With the recent tightening of mortgage guidelines by the Department of Finance has restricted the number of consumers who now qualify to purchase a home. These new guidelines imposed by the Government will help to make the Canada Mortgage and Housing Corporation more profitable today and in the future. TownHouses.ca believes that given CMHC’s strong profitability and very prosperous future outlook, the Government should reduce mortgage default insurance premiums by 15% for first time home buyers.
TownHouses.ca is calling on the Federal Government to review mortgage default insurance premiums which have remain unchanged for more than a decade to be lowered by a 15% for first time home buyers.
Given CMHC’s 5 year average net income of over 1.1B, a projected Net Income of $1.3B for 2013 and improved credit quality in their portfolio, the Federal government certainly has the ability to lower these premiums and pass the savings to first time buyers. If the government imposed this 15% reduction in premiums, the average consumer buying a TownHouse in the Greater Toronto area would realize a savings of over $ 1,700 when purchasing a home with 5% down. These savings would help greatly help Canadian home buyers which aligns with CMHC’s corporate vision and mission:
“Committed to housing quality, affordability and choice for Canadians"
TownHouses.ca has developed a whitepaper on why CMHC should lower their mortgage insurance premiums. To see our white paper, visit: http://townhouses.ca/first-time-home-buyers-need-a-break-on-cmhc-mortgage-insurance-premiums/
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