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Manitoba CMHC Insurance

In Canada, homebuyers with less than 20% down payment require mortgage default insurance, or CMHC insurance. Mortgage default insurance protects lenders in the event a home buyer defaults. Thanks to this protection, lenders can offer lower mortgage rates for mortgages with lower down payments.

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Jamie David

Mortgage default insurance regulation and premium rates in Manitoba are the same in the rest of Canada. The insurance premium ranges from 2.80% to 4.00% of your mortgage amount. Federal regulations on CMHC insurance include the following:

  • CMHC insurance is required on all homes with less than 20% down payment.
  • Houses purchased for more than $1 million are not eligible for CMHC insurance, therefore requiring homeowners to put more than 20% down.
  • The maximum amortization period on a CMHC insured mortgage is 25 years.
  • Homes sold over $500,000 can no longer be purchased with a 5% down payment. The new minimum down payment is 5% of the first $500,000, and 10% of any amount over $500,000.

The mortgage default insurance premium is added to your mortgage amount, and is paid off over your amortization period through monthly mortgage payments.



Manitoba Mortgage Default Insurance Rates

The mortgage default insurance rate varies depending on your down payment percentage. The insurance premium is calculated using this percentage:

Down payment (% of home’s price) 5% - 9.99% 10% - 14.99% 15%-19.99% 20% or higher
CMHC insurance premium 4.00% 3.10% 2.80% 0%

Note: your amortization period must be 25 years or less.



Sample Calculation for CMHC insurance in Manitoba:

Let’s say you have bought a $300,000 home with a $40,000 down payment and an amortization period of 25 years. Your insurance premium would be calculated as follows:

  • $40,000 (down payment) ÷ $300,000 (home price)
    = 13.33% (down payment percentage)

  • $300,000 (home price) - $40,000 (down payment)
    = $260,000 (mortgage before CMHC)

  • $260,000 (mortgage before CMHC) × 3.10% (CMHC tax rate)
    = $8,060 (CMHC insurance premium)

  • $260,000 (mortgage before CMHC) + $8,060 (CMHC insurance premium)
    = $268,060 (total mortgage)

You will pay the insurance premium of $8,060 in your monthly payments.


Manitoba mortgage default insurance rates with a non-traditional down payment

Non-traditional sources of down payment include borrowed funds and gifts from non-immediate family members. Using a non-traditional source will incur a surcharge on your CMHC insurance for down payments from 5% to 9.99%.

Down payment (% of home’s price) 5% - 9.99% 10% - 14.99% 15%-19.99% 20% or higher
CMHC insurance premium 4.50% 3.10% 2.80% 0%


Manitoba mortgage default insurance rates for self-employed, non-verified income

Self-employed home buyers without 3rd-party income validation are also charged higher insurance premiums. The minimum down payment required is 10%, and insurance premiums on down payments from 10% - 19.99% are higher than those of regular applicants.

Down payment (% of home’s price) 5% - 9.99% 10% - 14.99% 15%-19.99% 20% or higher
CMHC insurance premium N/A 4.75% 2.90% 0%

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