My down payment is less than 20% of the value of the house I want to buy. What should I do?

If your down payment is between 5% and 20% of the purchase price, the Bank must take out mortgage loan insurance with a recognized organization such as Genworth Financial Canada or the Canada Mortgage and Housing Corporation (CMHC). A mortgage loan insurance premium will then be added to your payments.

Did you know you can use your RRSPs to make a down payment? Learn more about the Home Buyers’ Plan (HBP).