CMHC / Sagen / Canada Guaranty Mortgage Insurance Updates

Updated regularly

Mortgage Insurance Overview

When your down payment is less than 20%, mortgage default insurance is required in Canada. Three providers offer this insurance: CMHC (Canada Mortgage and Housing Corporation), Sagen (formerly Genworth), and Canada Guaranty.

Insurance premiums are based on your down payment percentage and loan amount. Changes to insurance rules, premiums, or eligibility criteria can significantly impact your total home ownership costs.

What You Need to Know

Premium ranges from 0.6% to 4.5% of the mortgage amount
Can be paid upfront or added to the mortgage balance
Insured mortgages often qualify for better interest rates