Definition
CMHC's Eco+ program offers a 25% refund on mortgage insurance premium to encourage energy-efficient property ownership. This refund represents real savings on the total insurance cost.
Example: normal CMHC premium of 4% on a $400,000 loan = $16,000. Eco+ refund of 25% = $4,000 refunded.
Eligibility criteria: - **New home**: EnerGuide (NRCan) score of 80 or more, or LEED, R-2000, ENERGY STAR for new homes, Net Zero certification. - **Energy-efficiency renovations**: refinancing to fund renovations that improve EnerGuide rating to 80+. EnerGuide assessment (before and after) is mandatory.
Procedure: the loan is first granted and insured normally. The borrower then submits Eco+ documentation to CMHC to obtain the refund.