If you put down less than 20% on a home in Canada, your mortgage has to be insured by one of three approved mortgage default insurers: CMHC (Canada Mortgage and Housing Corporation), Sagen, or Canada Guaranty. The standard premium is the same with all three, and in most cases your lender decides which insurer to use, so the choice matters less than people expect.
CMHC
CMHC (Canada Mortgage and Housing Corporation) is a federal Crown corporation and the best known of the three insurers. It publishes its standard homeowner premium schedule on its website.
Sagen
Sagen, formerly Genworth Canada, is a privately owned mortgage default insurer. Its published standard premium schedule is the same as CMHC's.
Canada Guaranty
Canada Guaranty is the third approved insurer, and is also privately owned. Its published standard premium schedule is the same as CMHC's and Sagen's.
The Premiums Are the Same
Each insurer publishes this standard premium schedule for homeowner mortgages. The premium is a percentage of the loan, set by loan-to-value, and is normally added to your mortgage:
| Down payment | Loan-to-value | Premium |
|---|---|---|
| 20% or more (no insurance required) | 80% or less | None |
| 15% – 19.99% | 80.01% – 85% | 2.80% |
| 10% – 14.99% | 85.01% – 90% | 3.10% |
| 5% – 9.99% | 90.01% – 95% | 4.00% |
A 30-year amortization, which is only available to first-time buyers and buyers of newly built homes, adds 0.20 percentage points to each premium. Special programs, such as a borrowed down payment, can carry a higher premium. Provincial sales tax on the premium is not added to the loan; see our CMHC insurance guide for the provinces that charge it.
Insurer Eligibility: What Lenders Require
Not all lenders accept all three mortgage insurers, so it's essential to check with your lender before making a decision. Some lenders may only accept CMHC or Sagen insurance, while others might require Canada Guaranty.
What Does Differ
Because the premium is the same, the differences are in the rules each insurer applies to a file:
- Lender acceptance: your lender submits the application to the insurer it works with. You usually cannot choose.
- Credit score: CMHC requires a score of at least 600 for one borrower on its standard homeowner product. Sagen and Canada Guaranty set their own guidelines, which change over time.
- Special programs: each insurer has its own products for self-employed borrowers, newcomers, rentals and similar files, with their own rules and sometimes their own premiums.
Bottom Line
For a standard insured purchase the premium is the same whichever insurer is used, so there is nothing to shop for on price. What matters is that your file fits an insurer your lender works with. A licensed broker can tell you which lenders and insurers suit your situation before you commit.
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AI-generated content. This article was produced with AI assistance and reviewed for general accuracy. It is for informational purposes only and does not constitute financial, mortgage, or legal advice. Always consult a licensed mortgage professional before making any financial decisions.