CANADA – Effective immediately, the Canada Mortgage and Housing Corporation (CMHC) is increasing its CMHC Green Home premium refund from 10% to as much as 25% depending on the level of energy-efficiency achieved. Introduced in 2004, CMHC Green Home offers a partial premium refund to borrowers who buy, build or renovate for energy efficiency using CMHC-insured financing.
“CMHC is committed to fostering energy-efficient housing in Canada,” says Steven Mennill, the CMHC’s Senior Vice President Insurance. “Improving energy efficiency not only reduces greenhouse gas emissions but also lowers the cost of owning and maintaining a home.”
CMHC is also updating the eligibility requirements to reflect changes to the EnerGuide Rating System. CMHC is Canada’s only mortgage insurer prepared to accept applications for homes assessed using either the current 0-100 scale or the new gigajoule scale. The enhancements demonstrate CMHC’s leadership in the mortgage insurance industry.
Quick Facts:
- Energy accounts for nearly 8% of total household expenditures. On average, Canadian households spent $4,434 on energy in 2012. Lower-income households spend a larger share of their disposable income on energy.
- CMHC has provided nearly 8,000 refunds worth over $10 million since CMHC Green Home was introduced in 2004.
- Homeowners have up to two years from the closing date to apply for a premium refund through CMHC Green Home.
