Insured Mortgage Rates in Canada
No insured pricing is on this week's sheet — we publish what lenders send us and nothing else, and this shelf fills in the moment it appears on a sheet we can verify. Buyers putting less than 20% down on an owner-occupied home priced under $1.5M, with an amortization of 25 years or less.
Please Note: Some conditions may apply. Rates may vary from Province to Province. Rates are subject to change without notice. Posted rates may be high ratio and/or quick close, which differs from conventional rates. The mortgage rates are provided as guidance only, and the accuracy of these rates is not guaranteed. The rate provided by any financial institution listed, or any approval or decline you receive, will be based solely on your personal situation. You are strongly encouraged to speak with a licensed mortgage professional for the most accurate information and determine your eligibility.
Who qualifies for insured mortgage rates
Buyers putting less than 20% down on an owner-occupied home priced under $1.5M, with an amortization of 25 years or less.
Why the insured shelf is priced the way it is
Default insurance from CMHC, Sagen or Canada Guaranty moves the loss risk off the lender, so insured files get the lowest rates on the board. The premium — 2.8% to 4.0% of the mortgage depending on the down payment — is added to the loan.
Insured vs insurable vs uninsured
Under 20% down
You put less than 20% down and default insurance is on the file. The lender carries no loss exposure, so these are the lowest rates on the board — but the premium is added to your mortgage.
20%+ down, up to $1.5M property value, 25-year amortization
You put 20% or more down and the file fits portfolio-insurance rules, so the lender can back-end bulk insure it at its own cost — on property values up to $1.5M. Priced between insured and uninsured, and tiered by loan-to-value.
Refinances, $1.5M+, 30-year amortization, rentals
The lender keeps the full risk: refinances, properties above $1.5M, amortizations past 25 years, and rentals. Rates sit highest here, typically 20 to 40 basis points above insured.
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Insured mortgage questions
What is an insured mortgage rate?
The rate a lender offers on a file carrying mortgage default insurance — a high-ratio purchase with less than 20% down. Because the insurer absorbs the loss if the borrower defaults, lenders price insured files 20 to 40 basis points below uninsured ones.
What is the CMHC price cap?
Default insurance is available on homes priced under $1.5 million (raised from $1 million on 15 December 2024), with a 25-year maximum amortization, or 30 years for first-time buyers and new builds.
Are high ratio mortgage rates lower than conventional?
Yes, consistently. A high-ratio (insured) mortgage is the cheapest shelf on every lender's sheet. The trade is the premium, which on 5% down is 4.0% of the loan.
Sources and how to read this board
Rates are collected from lender rate sheets and checked by the RateShop rate desk; the board's own as-of date is printed on it. The rules the shelves follow are set by OSFI Guideline B-20 (the qualifying rate and stress test), the Department of Finance mortgage insurance rules ($1.5M price cap, 25-year amortization on insured files) and the three insurers — CMHC, Sagen and Canada Guaranty. Variable rates move with the Bank of Canada policy rate, through prime.
The math is free. Acting on it is the point.
When you are ready to do something with these numbers, we will introduce you to a licensed broker who can put the file in front of lenders. Nothing here obliges you to.
