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What is Mortgage Insurance?

Financial institutions are required by law to insure all mortgages with a down-payment that less than 20% of the value of the home. This insurance protects the lender against borrower default.

Note: Provincial Sales Tax or PST  of 8% is applicable on mortgage insurance premiums, is due the date of closing, and is not rolled into a mortgage. Mortgage insurance premiums are exempt from the full Harmonized Sales Tax.

What is CMHC?

Canada Mortgage and Housing Corporation (CMHC) is Canada’s national housing agency. Established as a government-owned corporation in 1946 to address Canada’s post-war housing shortage, the agency has grown into a major national institution. CMHC is Canada’s premier provider of mortgage loan insurance, mortgage-backed securities, housing policy and programs, and housing research. More about CMHC can be found at