What You Need to Know About CMHC Mortgage Insurance in Brampton

In 1954, the Canada Mortgage and Housing Corporation (CMHC) first rolled out mortgage default insurance for homebuyers. Part of the National Housing Act, this initiative aimed to make homeownership more accessible for Canadians. Early on, this mortgage default insurance was only available to homebuyers with a minimum down payment of 25%. Over time, as housing became less affordable, officials revised the minimum down payment threshold to allow for smaller down payments. Today, with the help of the CMHC mortgage default insurance, you can buy a home with only a 5% down payment.