It used to be, in the Canadian marketplace, that you couldn’t buy a house with less than 25% down. In 2007, the Federal government changed that requirement to 20% down to avoid the mortgage insurance providers. But for most Canadians that’s a lot of money. Nowadays you can purchase a new home with mortgage default insurance from CMHC, Genworth Financial, or Canadian Guaranty for as little as 5% down.

Your insurance premium is simply added to your mortgage balance and is incorporated into your monthly payments. The higher the down payment, the lower the insurance premium. With a 20% down payment, there is no premium at all. 

There are also mortgage insurance programs for recent immigrants and self-employed people, and the Purchase Plus Improvements that we discuss elsewhere on the this site.
We will walk you through all of the different mortgage products available from not only the mortgage lenders, but also from the mortgage insurance providers to ensure that we get the best possible combination for your specific mortgage needs.