CMHC Insurance Premiums
Premium Table
| Down Payment |
Premium (% of Mortgage) |
| 5.00% |
4.00% |
| 5.01-9.99% |
3.10% |
| 10.00-14.99% |
2.80% |
| 15.00-19.99% |
2.40% |
| 20.00%+ |
Not required |
Premium Examples
| Home Price |
Down Payment |
Mortgage |
Premium Rate |
Premium $ |
Total Mortgage |
| $400,000 |
$20,000 (5%) |
$380,000 |
4.00% |
$15,200 |
$395,200 |
| $500,000 |
$25,000 (5%) |
$475,000 |
4.00% |
$19,000 |
$494,000 |
| $500,000 |
$50,000 (10%) |
$450,000 |
2.80% |
$12,600 |
$462,600 |
| $500,000 |
$75,000 (15%) |
$425,000 |
2.40% |
$10,200 |
$435,200 |
| $500,000 |
$100,000 (20%) |
$400,000 |
0% |
$0 |
$400,000 |
| $800,000 |
$80,000 (10%) |
$720,000 |
2.80% |
$20,160 |
$740,160 |
| $1,000,000 |
$200,000 (20%) |
$800,000 |
0% |
$0 |
$800,000 |
How CMHC Insurance Works
| Aspect |
Details |
| Who pays |
The borrower (you) |
| Who benefits |
The lender (bank) |
| When required |
Down payment under 20% |
| How paid |
Added to mortgage balance (or lump sum) |
| Tax deductible |
❌ No (on primary residence) |
| Refundable |
❌ No (not refundable) |
| Transferable |
✅ Can be ported to a new property |
| Providers |
CMHC, Sagen, Canada Guaranty |
Who Provides Mortgage Insurance
| Provider |
Market Share |
Notes |
| CMHC |
~50% |
Government-owned corporation |
| Sagen (formerly Genworth) |
~30% |
Private, publicly traded |
| Canada Guaranty |
~20% |
Private |
All three use the same premium schedule. Your lender chooses the provider.
Down Payment Rules in Canada
| Home Price |
Minimum Down Payment |
| Up to $500,000 |
5% |
| $500,001-$999,999 |
5% on first $500K + 10% on remainder |
| $1,000,000+ |
20% minimum (no insured mortgages available) |
Down Payment Examples
| Home Price |
Minimum Down Payment |
Amount |
| $400,000 |
5% |
$20,000 |
| $500,000 |
5% |
$25,000 |
| $600,000 |
5% + 10% on $100K |
$35,000 |
| $750,000 |
5% + 10% on $250K |
$50,000 |
| $999,999 |
5% + 10% on $499K |
$74,999 |
| $1,000,000 |
20% |
$200,000 |
Impact on Monthly Payments
$500,000 home, 25-year amortization, 4.5% rate:
| Down Payment |
Mortgage |
CMHC |
Total Mortgage |
Monthly Payment |
| 5% ($25K) |
$475,000 |
$19,000 |
$494,000 |
$2,720 |
| 10% ($50K) |
$450,000 |
$12,600 |
$462,600 |
$2,547 |
| 15% ($75K) |
$425,000 |
$10,200 |
$435,200 |
$2,396 |
| 20% ($100K) |
$400,000 |
$0 |
$400,000 |
$2,203 |
Difference between 5% and 20% down:
- Monthly: $517/month more
- Over 25 years: ~$155,000 more in payments (incl. CMHC premium + higher mortgage interest)
5% Down vs Saving to 20% Down
| Factor |
Buy Now (5% Down) |
Wait for 20% |
| Buy sooner |
✅ Yes |
❌ Years of saving |
| CMHC premium |
$15-20K |
$0 |
| Monthly payment |
Higher |
Lower |
| Home equity from appreciation |
✅ Building now |
❌ Waiting |
| Opportunity cost |
If prices rise, you benefit |
If prices drop, you benefit |
Key insight: If home prices rise 3-5%/year, waiting costs more than the CMHC premium in most markets.
CMHC Eligibility Rules
| Rule |
Requirement |
| Maximum amortization |
25 years (insured mortgages, increasing to 30 for first-time buyers) |
| Maximum home price |
$1,499,999 (for insured mortgages as of 2025 changes) |
| Debt ratios |
GDS ≤ 39%, TDS ≤ 44% |
| Minimum credit score |
600+ |
| Property type |
Owner-occupied, 1-4 units |
| Stress test |
Qualify at higher of contract rate + 2% or minimum qualifying rate |