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FIRST-TIME HOME BUYERS
The Canada Guaranty Energy-Efficient Advantage Program rewards borrowers who purchase or renovate a home with energy-efficient upgrades. Through the Energy-Efficient Advantage program, qualified homebuyers may now be eligible to receive a partial premium refund of up to 25%.
Qualified borrowers who purchase an energy-efficient home or obtain mortgage financing to make energy-efficient home improvements, may be eligible to receive a partial premium refund of up to 25%, based on the date of their mortgage application and the level of energy-efficiency achieved.
To be eligible for the partial premium refund, all applicable and required documentation must be submitted together with the completed premium refund application form.
Qualified Canada Guaranty-insured borrowers who submit their mortgage insurance application on or after September 1, 2016 are eligible to receive a premium refund of 15% or 25%. In addition to satisfying all borrower qualifications, the homeowner must meet the following applicable energy-efficient verification requirements.
Documentation must be provided that it supports one of the following requirements:
1. 0-100 Scale: The POST-improvement energy evaluation must achieve a minimum rating of 60.
2. Gigajoules/Year Scale: The POST-improvement energy evaluation must achieve a minimum rating of < 250 GJ/yr.
NOTE: Canada Guaranty will accept either one of the 0-100 Scale or the Gigajoules per year Scale NRCan EnerGuide rating systems, as adopted by the province in which the subject home is located.
To apply for a partial premium refund, the homeowner must download, complete, and mail, e-mail or fax the refund application form, together with all required documentation, to the appropriate address/fax number listed below:
Once all of the required criteria are met, Canada Guaranty will refund the homeowner the approved percentage of the standard mortgage insurance premium and all applicable extended amortization premium surcharges for loans exceeding 25 years amortization (including applicable provincial sales tax).
Refunds are processed and mailed directly to the homeowner within 30 business days after receiving the partial premium refund application.
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