In a move to make homeownership even more affordable, Canada Mortgage and Housing Corp. has slashed homeowner premiums for mortgage loan insurance by 15%, effective Monday.

Since 1954, CMHC mortgage insurance has helped one in three Canadians buy their homes, in most cases, their first home. Since 1954, CMHC has helped Canadians obtain financing to purchase a home when they have the ability to manage and carry the mortgage debt, but have less than a 25% down payment.

“CMHC leads the market in using technology to improve client service and the efficiencies of its operations. We are now in a position to pass on the benefits to Canadians through reduced homeowner mortgage insurance premiums,” said Karen Kinsley, president of CMHC.

All Canadians looking to buy or refinance their homes using CMHC’s mortgage loan insurance products will automatically benefit from the reduction in premiums. On a mortgage of $100,000, this represents a reduction of $500 based on a 5% down payment.