Personal Finance

CMHC when buying brand new

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  • Jun 25th, 2015 12:39 pm
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[OP]
Member
Jan 21, 2010
259 posts
67 upvotes
YUL

CMHC when buying brand new

How are CHMC fees calculated when you buy a brand new condo?
Let's say you buy a 300k condo. Since it's brand new, you add the taxes, so final price is let's say 340k taxes in. So basically the purchase price is 340k.
From that, 5% is 17k.
How's the CHMC calculated? is it calculated on 323k (340k-17k=323k) ? And then mortgage will be 323k + CHMC premium ?
3 replies
Jr. Member
Mar 4, 2013
134 posts
26 upvotes
Kingston
3.6% on $323K....http://www.genworth.ca/en/brokers/premi ... table.aspx
financeg wrote: How are CHMC fees calculated when you buy a brand new condo?
Let's say you buy a 300k condo. Since it's brand new, you add the taxes, so final price is let's say 340k taxes in. So basically the purchase price is 340k.
From that, 5% is 17k.
How's the CHMC calculated? is it calculated on 323k (340k-17k=323k) ? And then mortgage will be 323k + CHMC premium ?
Brandon Lowi - Mortgage Agent - The Mortgage Professionals - Lic.#10280
Deal Fanatic
Nov 24, 2013
6241 posts
2987 upvotes
Kingston, ON
tophomeloans wrote: 3.6% on 323K plus HST.
Total = 11628
HST = 1511.64
total+tax= 13,139.64
I believe only provincial tax is rated on CMHC premiums (so 8% in Ontario). It's similar to other non-auto insurance, on which PST (yes, not HST) is still charged.

http://www.ratehub.ca/pst-on-cmhc-insurance

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