CMHC premium tiers (2026)
Loan-to-value (down payment)
Premium (% of loan)
Up to 95% (5–9.99% down)
4.00%
90–94.99% (10–14.99% down)
3.10%
85–89.99% (15–19.99% down)
2.80%
80% or less (20%+ down)
0% (uninsured)
Premium is added to your mortgage and amortized (you don’t pay it upfront) — but the PST on the premium is due in cash at closing in ON/QC/SK/MB.
CMHC mortgage insurance — FAQ
What is CMHC mortgage insurance?
Default insurance required on any Canadian mortgage with less than 20% down. It protects the lender (not you) if you default — and in exchange you get access to the lowest insured rates. Three insurers provide it: CMHC, Sagen, and Canada Guaranty.
How much is the CMHC premium?
A percentage of the loan based on loan-to-value: 4.00% at 95% LTV, 3.10% at 90%, 2.80% at 85%, and 0% at 20%+ down. On a $500,000 mortgage at 95% LTV that's a $20,000 premium — almost always financed into the mortgage. Use our CMHC calculator.
CMHC vs Sagen vs Canada Guaranty — what's the difference?
Pricing is nearly identical across all three — your lender chooses which insurer to use, and you generally won't notice a difference. CMHC is the federal Crown corporation; Sagen (formerly Genworth) and Canada Guaranty are private insurers.
Insured vs insurable vs conventional?
Insured: under 20% down, you pay the premium, lowest rates. Insurable: 20%+ down but the lender bulk-insures to lower its cost — passing you a small discount. Conventional/uninsured: 20%+ down, no insurance, slightly higher rate.
Is there PST on the CMHC premium?
Yes in Ontario, Quebec, Saskatchewan, and Manitoba — typically 8% of the premium, and it's not financed: you pay it in cash at closing. On a $20,000 premium in Ontario that's an extra $1,600 due on closing day.