02/28/2014 11:08 EST | Updated 04/30/2014 05:59 EDT

CMHC hikes mortgage insurance premiums

Canada's national housing agency increased the amount of money that homeowners with less than 20 per cent down payments must pay to insure their mortgages.

Starting in May, the housing agency will charge an average of about 15 per cent more to insure mortgages. 

Prior to the announcement, the premiums ranged between 0.5 per cent and 2.75 per cent. Under the new rules, they will range from 0.6 per cent to 3.15 per cent.

More to come