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CMHC mortgage insurance.

Insurance is available below $1,500,000.
Minimum is 5% of the first $500,000 and 10% of the rest.
30 years adds 0.20% to the premium.
CMHC premium rate—
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Total mortgage incl. premium—
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How CMHC pricing works

If your down payment is below 20% on a Canadian residential mortgage, default insurance is required. The premium is calculated as a percentage of the loan (not the price) and is added to the mortgage balance, you do not pay it as cash at closing. Down payments at 5–9.99% trigger a 4.00% premium; 10–14.99% triggers 3.10%; 15–19.99% triggers 2.80%. Above 20% there is no premium. Alberta does not charge PST on the premium, so the Calgary buyer pays only the premium itself (no provincial sales tax surcharge).

The $1.5 million cap and the minimum down payment

Insurance is only available on homes priced below $1.5 million. The federal cap rose from $1 million on December 15, 2024. Under the cap, the minimum down payment is 5% of the first $500,000 and 10% of the rest. A $1.2 million Calgary home needs $95,000 down, where the old rule asked for $240,000. At $1.5 million or more the minimum is 20% and no insurance applies.

Insured mortgages run 25 years at most. First-time buyers and buyers of a newly built home that has never been lived in can take 30 years, and CMHC adds 0.20% to the premium for it. On a 30-year insured mortgage the rates become 4.20%, 3.30%, and 3.00%.

Frequently asked questions

What is CMHC mortgage insurance?
Federally regulated mortgage default insurance, required when your down payment is below 20%. CMHC, Sagen, and Canada Guaranty all provide it; lenders pick. The premium is added to the mortgage balance.
What are the current premium rates?
4.00% at 5–9.99% down, 3.10% at 10–14.99%, 2.80% at 15–19.99%. Add 0.20% past a 25-year amortization. At 20% down or more, no premium.
What is the maximum home price for an insured mortgage?
The price must be below $1.5 million. The cap was $1 million until December 15, 2024. At $1.5 million or more you need 20% down and the mortgage is conventional.
Can I get a 30-year amortization on an insured mortgage?
Yes, if you are a first-time buyer or the home is newly built and has never been lived in. Everyone else is limited to 25 years. The 30-year option adds 0.20% to the premium.
Does Alberta charge tax on the premium?
No. Alberta does not charge PST on the premium. Buyers in Ontario, Quebec, and Saskatchewan pay provincial sales tax on it in cash at closing.

Related KARAKTER tools

Educational. Premium rates can change; verify with your mortgage broker before closing. Price cap, minimum down payment, amortization limits, and premium rates checked in October 2026 against the Department of Finance Canada announcement of December 15, 2024 and CMHC premium information.

Updated

Ryan Van Spengen · REALTOR® is licensed with and operates under the brokerage of Grassroots Realty Group, a licensed real estate brokerage in Alberta. REALTOR®, REALTORS®, and the REALTOR® logo are certification marks owned by REALTOR® Canada Inc. and licensed exclusively to The Canadian Real Estate Association (CREA). MLS® and the MLS® logo are trademarks owned by CREA and identify the quality of services provided by CREA members. Listing data on this site is supplied in part through CREA's Data Distribution Facility (DDF®). See the MLS Data Terms of Use. All information deemed reliable but not guaranteed. Not intended to solicit properties already listed.