By Diti Dumas and Morgan Dumas
At the end of March, the Canada Mortgage and Housing Corporation’s refunds for their Green Home mortgage insurance program hit $3 million.
“This important achievement demonstrates the Government of Canada’s ongoing commitment to making energy-efficient homes more accessible and affordable for everyone,” said Diane Finley, Minister of Human Resources of Skills Development and Minister Responsible for Canada Mortgage and Housing Corporation in a news release.
The program began in 2004 and provides eligible borrowers with a mortgage insurance premium refund of 10 per cent if the CMHC Mortgage Loan Insurance is used for an energy-efficient home or for energy-saving renovations.
According to the CMHC website, this means that a borrower with a $250,000 mortgage and a five per cent down payment would get a mortgage insurance premium refund of almost $700.
According to the CMHC, almost 20 per cent of the energy that Canadians consume is spent running their homes. Making your home more energy-efficient or buying a greener home can lead to increased savings down the road due to lower energy bills and less water consumption.
Many banks are offering similar programs for those who are refinancing their homes or are planning on buying a home, and the City of Toronto recommends asking mortgage lenders if they offer “green mortgages”.
The City of Toronto has also targeted 2050 as they year they intend to have their greenhouse gas emissions cut by at least 80 per cent. The city has also introduced a residential Toilet Replacement Program and a residential Washing Machine Rebate Program when water-conserving and energy-efficient appliances are installed. More information on these programs can be found here:
http://www.toronto.ca/livegreen/home_watersmarts.html#rebates
Diti Dumas is a Sales Representative with Royal LePage R.E.S. Ltd./JOHNSTON & DANIEL DIVISION, Brokerage. Diti is a regular contributor to the Muddy York Blog. Diti’s website is located at www.ditidumas.com.
Morgan Dumas is an aspiring writer and journalism student from Ryerson University in Toronto.
