CMHC Mortgage Default Insurance

Insurance required when you put less than 20% down.

Mortgage default insurance is required on a high-ratio mortgage, one with less than 20% down, and protects the lender if you default. It is provided by CMHC, Sagen, or Canada Guaranty, and the premium is a percentage of the loan usually added to the mortgage. As of late 2024, the insured price cap rose to $1.5 million, and 30-year amortizations became available on insured mortgages for first-time buyers or buyers of newly built homes.

General information only, not legal, tax, or financial advice. Rules change and vary by province; confirm the current details with the relevant authority before you rely on them.