Plan a down payment and mortgage insurance
How much down payment do I need and when is mortgage insurance required?
Your minimum down payment depends on the purchase price and financing rules. Mortgage default insurance generally applies when you put down less than 20%; it protects the lender, not you. Budget for the insurance premium separately from the down payment.
Where to begin
- For the reviewed CMHC homeowner route, calculate 5% on the first $500,000 and 10% on the portion above it, while the price remains below $1.5 million.
- At $1.5 million or more, this CMHC insurance route is unavailable; ask the lender about uninsured financing requirements.
- Confirm that your down-payment source and property meet the lender’s and insurer’s conditions.
- Ask the lender for the insurance premium and closing costs; adding a premium to the mortgage increases interest costs.
Before you open the official service
- Purchase price and property type.
- Down-payment amount and source; separate closing-cost budget.
Keep your actual documents and account details off this website. Use the official service’s current checklist before applying.
What to check for your situation
Rules reviewed 3 November 2026. These homeowner conditions do not establish approval or apply universally to rental properties and other insurance products.
Fees, processing times and document rules can change. This page helps you navigate; it does not confirm eligibility or replace the government’s instructions.
Official sources
cmhc-schl.gc.ca · Official websiteCMHC — Mortgage loan insurance and down paymentMortgage default insurance generally applies below a 20% down payment and protects the lender, not the borrower. Homeowner down payment starts at 5% of the first $500,000 plus 10% of the remainder below the insurance price ceiling. Mortgage loan insurance is unavailable at a purchase price of $1.5 million or more. The premium can be passed to the borrower; insurance protects the lender.Checked
Prepared by Active K Digital from the linked public guidance. Read our source approach.