Canada Mortgage and Housing Corporation (CMHC) offers a 10% premium refund on its mortgage loan insurance premiums, as well as extended amortization to a maximum of 35 years, to individuals who use CMHC-insured financing to purchase an energy efficient home, purchase a home and make energy-saving renovations, or renovate their existing home to make it more energy efficient.
For home buyers, the refund and extended amortization are available:
- When the house is R-2000-certified.
- When the house has an EnerGuide for Houses (EGH) rating of 80 or above.
- When houses with a rating of less than 80 are renovated to increase the house’s at EGH rating by least five points and to a rating of at least 40.
The refund is also available for mortgages refinanced for the purpose of making energy-saving renovations to houses with an EGH rating of less than 80. The renovations must increase the house’s rating by at least five points and to a rating of at least 40.
EGH ratings are obtained through the EGH evaluation service. For those planning to build a new R-2000 home, it is recommended that an EGNH Advisor evaluate the building plans before the house is built.
If the home is built to R-2000 standard or rated 80 or above on the EGH scale, the borrower is eligible for CMHC’s Mortgage Loan Insurance for Energy Efficient Homes. Extended amortization is available through participating lenders for new CMHC mortgage insurance applications approved as of January 2005.
For the most up to date information on this and other CHMC programs to help you make your home more efficient, visit CHMC Green Home Programs.