CMHC increases premium refunds for energy-efficient houses
June 23, 2016 - Canada Mortgage and Housing Corporation (CMHC) says it is increasing its CMHC Green Home premium refund from 10% to as much as 25% depending on the level of energy-efficiency achieved. This will be effective immediately.
By Renée Francoeur
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 also updating the eligibility requirements to reflect changes to the EnerGuide rating system. According to CMHC, it 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.
“CMHC is committed to fostering energy-efficient housing in Canada. Improving energy efficiency not only reduces greenhouse gas emissions but also lowers the cost of owning and maintaining a home,” said Steven Mennill, senior vice-president, Insurance Canada Mortgage and Housing Corporation.
CMHC says it has provided nearly 8000 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.