Yes. All homeowners in Canada with a high ratio mortgage require mortgage insurance. It is commonly called CMHC insurance (since the Canadian Mortgage and Housing Corporation offers it), though other mortgage insurance providers are in the market. The rate you receive on your mortgage insurance will also depend on the loan-to-value ratio of your mortgage. The chart below indicates how much you’ll pay in mortgage insurance on a $500,000 home, depending on the size of your down payment. Home valueDown paymentAmortization periodMortgage insurance $500,0005% or $25,00025 years$19,000 $500,00010% or $50,00025 years$13,950 $500,00015% or $75,00025 years$11,900 $500,00020% or $100,00025 years$0