CMHC (Canadian Mortgage and Housing Corporation) Insurance
Mortgages that represent more than 80% of the home’s value (less than 20% of a down payment) are required to have CMHC insurance. This insurance is a one time mortgageable expense. For further information and rates, visit their website, www.cmhc-schl.gc.ca/en. This is a fee often paid by First Time Buyers, Buyers that are very close to having a 20% down payment may want to beg, borrow, or steal to avoid paying this extra cost.
