When ever there is a rebate offered you never hear it advertised to often. It is like a secret that they only want a few people to know about. Well, I want everyone to know!
CMHC has a rebate for homes that are build energy-efficient or if your renovation was made to make your current home energy-efficient. With this rebate you can receive up to 10% of your CMHC fee returned. If you are building a home you could receive the 10% rebate PLUS increase your amortization up to 35 years without the .40% premium surcharge. For a purchase of a $300,000 home with 5% down, that is equivalent to roughly $2,025. With most homes being ‘Built Green’ now, make sure you take advantage of this rebate.
Now, How do you know if you qualify for this rebate?
To get the rebate there is some upgrades that need to be done to the home. if you are buying or Building a home this is how it is explained on CMHC’s website:
1. The House is an energy-efficient R-2000 model
2. the House has been assessed by a Natural resources Canada (NRCan) qualified energy advisor and it has an energy-efficient rating of 80 or above
3.it was or will be built under a CMHC-eligible energy-efficient building program
4. The building in which the condominium unit you’re buying is 25% more energy-efficient, than if constructed to meet the requirements of the Model National Energy Code for Buildings (MNECB)
The house’s energy efficiency rating can be obtained by:
– Having an energy assessment completed by an NRCan qualified energy advisor
– obtaining an R-2000 Certificate
– Obtaining a CMHC declaration from your builder that is a member of a CMHC-Eligable energy-efficient building program
– for Condominium units, a letter from Natural resources Canada (NRCan) or the project engineer for Condominium units must be obtained.
So make sure that when you purchase your next home you can take advantage of all the rebates and programs that are available to you.
Fell free to email me anytime for help on qualifying for this rebate program. email@example.com
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Don’t just get a mortgage, KNOW your Mortgage!
Thanks for reading ,
Regional Mortgage Corporation
Red Deer, Alberta