When is CMHC mortgage default insurance mandatory in Canada?

CMHC insurance is legally mandatory in Canada for high-ratio mortgages where the down payment is between 5% and 19.99% on homes priced under $1.5 million.

How much is the CMHC insurance premium in Canada?

CMHC premiums range from 2.80% to 4.00% of the loan amount, depending on loan-to-value ratio (LTV), and are typically rolled into the mortgage balance.

How do provincial and municipal land transfer taxes (LTT) work in Canada?

Land transfer taxes are paid upon closing based on graduated purchase price brackets. Toronto buyers pay both Ontario provincial LTT and municipal Toronto LTT, with rebates available for first-time buyers.

Canadian Mortgage Underwriting Rules

Canada CMHC & Land Transfer Sizer

Calculate CMHC mortgage default insurance premiums on down payments below 20%, verify minimum down payment eligibility, and estimate provincial Land Transfer Tax.

Property & Down Payment Inputs

Purchase Price ($ CAD)

Down Payment ($ CAD)

Province

Amortization Period

Underwriting Metrics

CMHC Insurance Premium (3.10%): $20,925

Total Insured Mortgage Balance: $695,925

Down Payment Ratio: 10.0%

Provincial Land Transfer Tax: $11,475

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