I used to be in real estate, so I had a residential closing costs worksheet that I would always work out.
On the purchase price of a home in Ontario at $750,000, I calculate that the CMHC fee for a first-time homebuyer who could only put 5% down—which is $37,500—would be about $8,371, which would go onto their mortgage, generally speaking.
Do you think it makes sense for the CMHC to be generating that much profit in the middle of a housing crisis from first-time homebuyers?