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Typically, lenders require mortgage loan insurance for loans made to anyone that wishes to purchase a home with less than 20% of the purchase price. The Canadian Bank Act prohibits most federally regulated lending institutions from providing mortgages without mortgage loan insurance for amounts that exceed 80% of the value of the home or purchases with less than 20% down payment.

Through your lender, CMHC Mortgage Loan Insurance enables you to finance up to 95% of the purchase price of a home.

Canada Mortgage and Housing Corporation (CMHC) is a Crown corporation, owned by the Government of Canada, founded after World War II to provide housing for returning soldiers. After the war, a serious housing shortage and the return of large numbers of veterans led the government to create the CMHC to promote the development of new housing by offering very low cost mortgages with small down payments and easy terms. It later built and/or funded urban renewal projects in Canada’s cities. Today its main function is providing insurance for residential mortgage loans to Canadian home buyers. This insurance protects mortgage lenders against mortgage defaults on mortgages of less than 20% down. Besides mortgage insurance, the agency provides financing to housing projects and renovations, does housing market analysis and funds research into housing design and technologies along with the National Research Council.

Genworth issues reports on Canada’s housing market and condo market in winter and summer in conjunction with the Conference Board of Canada. Our intention is to educate and provide useful information to consumers, homeowners, future first-time homebuyers and governments. We believe homeowners and homebuyers require up-to-date information about Canada’s housing market to make informed decisions about homeownership – for many, the most important investment of their lifetime. Genworth also partners with others in the real estate and mortgage industry to offer free homebuyer seminars that help Canadians through the home buying process. And finally, we take the time to listen to homebuyers about their challenges and concerns, to make us better informed about how we can continue to offer innovative products that help more Canadians realize the dream of homeownership sooner and more affordably.

In Canada we have 3 mortgage insurance enteties:

CMHC

 https://www.cmhc-schl.gc.ca/en/

Genworth

http://genworth.ca/en/index.aspx 

Canada Guarantee

http://www.canadaguaranty.ca/