If you buy an energy-efficient home or make energy-saving renovations you may be able to get a savings boost from your mortgage! Canadian mortgage insurers have a program that helps homeowners save when they buy energy-efficient homes or retrofit their existing homes.
Homeowners purchasing a qualifying energy-efficient home are eligible for a 10 per cent mortgage insurance premium refund. If you purchase a qualifying $400,000 home with 5 per cent down, you are eligible for a 10 percent refund of your $11,970 in mortgage insurance premiums. That’s $1,197, a substantial savings!
Existing homeowners who make retrofits to improve energy efficiency can also apply for this refund.You’ll be required to complete an NRCan energy assessment evaluation pre and post retrofit, and you’ll need to improve your home’s energy efficiency by the required amount. Of course, your home’s energy improvements will also reduce your costs for years to come!