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Did you recently purchase an Energy Efficient Home?
This could be either a newly built house/condo or an existing house/ condo that has been updated with energy efficient improvements. If your home meets a certain energy efficient standard, and you purchased it with a High Ratio mortgage (less than 20% down payment) you could be eligible for a rebate of 15 – 25% of your insurance premium as all three mortgage insurers (CMHC, Sagen and Canada Guaranty offer these programs).
Example
Purchase price $600,000
Min. Down payment $35,000
Insurance Premium $22,600
15% Rebate $3,390
Premium after Rebate $19,210
Requirements:
Applications must be submitted within 24 months of the closing date of the mortgage.
All supporting energy efficient documentation must be less than 5 years old.
Purchase of new or existing home, including residential condominium units in low rise buildings
Homes built under a qualifying energy efficient building program will automatically be eligible for a refund (contact me for a list of programs). If the home is not built under a qualifying energy-efficient building program, a qualified NRCan energy advisor must assess the home to confirm it meets the Ener Guide Rating standards of one of two scales (dependent on region).
Purchase of a new or existing high-rise condo unit
The unit must be in a building that was built to one of the following standards:
15% Refund
LEED Canada New Construction Standard (Certified Silver, Gold or Platinum) OR;
25% Refund
Built to be 40% more energy efficient than compliance with the energy requirements of the applicable building code
Purchase of an existing home and completing renovations
An NRCan qualified energy advisor must perform both pre- and post-improvement energy efficiency evaluations. Eligibility is based on the improvement in the energy efficiency rating which is assessed using the NRCan Ener Guide Rating system (either the 1-100 scale
or the gigajoules scale).
Eligible improvements include:
New windows and doors
New high efficiency furnace
Add insulation in basement or attic
Tankless hot water heater
Updating appliances
The list goes on…
Any questions, happy to help. Thanks for reading!
Nikole Rolof
Mortgage Broker Alberta
TMG The Mortgage Group
brokeryeg.ca