Reduce Your Monthly Mortgage Costs Reduce Your Monthly Mortgage Costs Canadians who have a down payment of less than 20% ofthe cost of their house or who have a mortgage over $1 million dollars pay insurance premiums that can be up to 4% of the purchase price of a home. On the average Canadian home, this means a homebuyer could be paying close to $30,000 in premiums over the life of theirmortgage. Typically, the smaller your down payment is, the higher your premiums. This puts financial pressure on families that can least afford it. A re-elected Liberal government will: Reduce the price charged by the Canadian Mortgage and Housing Corporation on mortgage insurance by 25%. For a typical homebuyer, this will save $6,100. Increase the insured mortgage cut-off from $1 million to $1.25 million, and index this to inflation, to better reflect today’s home prices. Share
