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Q: How much do I really need for a down payment, and what is mortgage default insurance?
In Canada the minimum down payment is 5% for the first $500,000 of a home’s price and 10% on the portion above $500,000 (up to $1.5M). If you put less than 20% down, you must purchase mortgage default insurance (e.g. CMHC/Genworth). This insurance protects the lender in case of default and its premiums are usually added to your mortgage.
Answered October 2026
Q: What is the mortgage stress test, and how does it affect how much I can borrow?
The mortgage stress test is a rule that requires lenders to qualify you at an interest rate 2% above your contract rate (or a minimum of 5.25%). In practice this means you must show you could afford higher payments. Because of the stress test, your maximum loan amount is lower: you have to prove the mortgage fits your budget even if rates rise.
Answered October 2026
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