You can become a homeowner with as little as 5% down if you are employed and with as little as 10% if you are self-employed, with the one time addition of a mortgage loan insurance premium.

Mortgage loan insurance is required for federally regulated lenders in Canada when the buyer of a home has less than a 20% down payment. This insurance protects the mortgage lender against loss if a borrower defaults, and allows qualified borrowers to access homeownership at interest rates comparable to those offered with larger down payments.

Canada Mortgage and Housing Corporation (CMHC) and Genworth Financial are the two main insurers in Canada.

Our New Home Mortgage Calculator found in Mortgage Calculators has all of the insurance premiums included and shows you the total premium added to the mortgage based on your situation.

The insurance costs decrease as the down payment increases in 5% increments, form 5% to 10% to 15%

What to do next?

If you like to Get Pre-Approved for a Minimum Down Payment Mortgage we would be pleased to help you.

Test out your mortgage knowledge including questions about CMHC with our Mortgage IQ.