In a world increasingly conscious of environmental issues, every industry is striving to adopt eco-friendly practices. The real estate sector is no exception, with Canada taking a bold step forward through the introduction of the new Eco Plus program by the Canada Mortgage and Housing Corporation (CMHC).
To help Canada reach it’s goal of carbon neutrality by 2050, CMHC has provided incentives to current and future home buyers in the form of refunds on the mortgage default insurance premiums you pay whenever you put less than 20% down.
To eligible borrowers, you will receive a 25% refund on the insurance premium you paid to purchase your home. This isn’t a small amount of money! For example, for a home price of $700,000 with the minimum down payment of $45,000 you would be required to pay a mortgage default insurance premium of $26,200. This means you would receive a $6,550 refund just for purchasing an energy efficient home.