CMHC senior economist for the GTA talked about hot areas for first time buyers in the GTA at yesterdays conference for the Canadian Association of Accredited Mortgage Professionals
One of the biggest roadblocks for first time homebuyers is saving the downpayment. With the burdens of paying rent, student loans and other expenses it is not realistic to expect you can save 20% of a home’s purchase price for your downpayment. CMHC Mortgage Insurance allows homebuyers with smaller downpayments to purchase their home.
| 6 Months | 4.60% | 3.85% |
| 1 Year | 3.65% | 2.49% |
| 2 Years | 3.95% | 2.95% |
| 3 Years | 5.04% | 3.69% |
| 4 Years | 5.14% | 3.89% |
| 5 Years | 5.39% | 3.69% |
| 7 Years | 6.30% | 4.95% |
| 10 Years | 6.50% | 5.20% |
| Variable | NA | 1.80% |
