I find that many buyers are unaware of what CMHC insurance is or how it works.  The link below takes you to the CMHC website and their chart with a sliding scale for the premium based on the percentage of the sale price that you are borrowing.  This information is good to know when you are negotiating your offer because the more you pay the lower percentage down payment  you may have.   Going from  10% down to 9.9% down payment will  raise the insurance premium from  2.5% to 2.75%, that  translates to $750 on a $300,000 house.  In that case  paying $300,000 instead of $297,000 actually would cost the buyer $3750 instead of just the $3000 difference in the sale price.   If you are able to purchase your home with 20% down, or 25% down for Bulkley Valley Credit Union, Mortgage insurance is not required.

CMHC Mortgage Insurance Costs

In Real Estate  you never really know what is going to happen.   But, an educated guess is still your best bet.    Our market has been busier since late spring with sales picking up especially in town.  The first two weeks of July were pretty quiet and I’ve been told that historically it usually is, people are on holidays and busy enjoying summer.   Since about the 15th things really changed, the RE/MAX  office  alone was involved in 3 sales with competing offers just last week.   There is definitely demand still from buyers especially for competitively priced and presented listings.  July in Vancouver apparently had a record for the most Sales ever for the month.