{"id":88,"date":"2026-02-26T13:33:48","date_gmt":"2026-02-26T13:33:48","guid":{"rendered":"https:\/\/donemortgage.ca\/blogs\/?p=88"},"modified":"2026-03-11T12:59:41","modified_gmt":"2026-03-11T12:59:41","slug":"what-is-a-high-ratio-mortgage-in-canada","status":"publish","type":"post","link":"https:\/\/www.donemortgage.ca\/blogs\/what-is-a-high-ratio-mortgage-in-canada\/","title":{"rendered":"What Is a High Ratio Mortgage in Canada?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Buying a home in Canada doesn\u2019t always require a 20% down payment. In fact, many buyers, especially first-time home buyers in Ontario and the GTA purchase homes with far less.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If your down payment is less than 20% of the purchase price, your mortgage is considered a <strong>high ratio mortgage<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s what that actually means.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What Is a High Ratio Mortgage? (Simple Definition)<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A high ratio mortgage is a home loan where the buyer puts down less than 20% of the purchase price. Because the lender is taking on more risk, the mortgage must be insured by a government-backed provider like <a href=\"https:\/\/www.cmhc-schl.gc.ca\/consumers\/home-buying\/mortgage-loan-insurance-for-consumers\" target=\"_blank\" rel=\"noreferrer noopener\">CMHC<\/a>. The insurance premium is added to the mortgage amount. This allows families to enter the market even if they are currently managing <a href=\"https:\/\/donemortgage.ca\/blogs\/mortgages-with-bad-credit-overcoming-obstacles-and-making-them-work-for-you\/\" target=\"_blank\" rel=\"noreferrer noopener\">mortgages with bad credit<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Why Mortgage Insurance Exists<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Banks and lenders don\u2019t want to take on the full risk of default when the borrower has less equity in the property.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To reduce this risk, the federal government supports mortgage insurance providers such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>CMHC (Canada Mortgage and Housing Corporation)<br><\/li>\n\n\n\n<li>Sagen<br><\/li>\n\n\n\n<li>Canada Guaranty<br><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">All three serve the same purpose:<br>They insure the lender \u2014 not the borrower \u2014 against default.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What Does \u201cHigh Ratio\u201d Mean? (Real Numbers Example)<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s break it down with a simple example:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Purchase Price: $1,000,000<br>Down Payment: $100,000 (10%)<br>Mortgage Amount: $900,000<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Because the down payment is under 20%, mortgage insurance is required.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CMHC Insurance Premium (approx.): $29,700<br>Total Mortgage Added to Principal: $929,700<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That $29,700 premium is rolled into your mortgage \u2014 and interest is paid on it over 25\u201330 years.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Minimum Down Payment Rules in Canada (2026)<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">For homes priced:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Under $500,000 \u2192 Minimum 5% down<br><\/li>\n\n\n\n<li>$500,000 to $1,499,999 \u2192 5% on first $500k + 10% on remaining<br><\/li>\n\n\n\n<li>$1.5M+ \u2192 Minimum 20% down (insurance not allowed)<br><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">So yes \u2014 you can legally purchase a home under $1.5M with less than 20% down.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Real Scenario: 5% vs 10% vs 15% Down<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s compare the impact:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Scenario 1 \u2013 5% Down<\/strong><\/td><td><strong>Scenario 2 \u2013 10% Down<\/strong><\/td><td><strong>Scenario 3 \u2013 15% Down<\/strong><\/td><\/tr><tr><td>Purchase Price: $1,000,000<br>Down Payment: $50,000<br>Mortgage: $950,000<br>Insurance Premium: ~$39,900<br>Total Mortgage: ~$989,900<\/td><td>Down Payment: $100,000<br>Mortgage: $900,000<br>Insurance Premium: ~$29,700<br>Total Mortgage: ~$929,700<\/td><td>Down Payment: $150,000<br>Mortgage: $850,000<br>Insurance Premium: ~$25,500<br>Total Mortgage: ~$875,500<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The lower the down payment, the higher the insurance premium percentage.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Common Mistakes Borrowers Make<\/strong><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Not realizing the insurance premium increases their mortgage from day one<br><\/li>\n\n\n\n<li>Not understanding they pay interest on that premium<br><\/li>\n\n\n\n<li>Focusing only on qualifying \u2014 not long-term cost<br><\/li>\n\n\n\n<li>Ignoring total ownership costs (closing costs, property taxes, maintenance)<br><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Many first-time buyers in Toronto and Brampton don\u2019t realize closing costs can add another 3\u20134% of the purchase price.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Pros of a High Ratio Mortgage<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Allows you to buy sooner<br><\/li>\n\n\n\n<li>Ideal for buyers without 20% saved<br><\/li>\n\n\n\n<li>Lower interest rates (insured mortgages often get better pricing)<br><\/li>\n\n\n\n<li>Keeps savings available for investment or emergencies<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Cons of a High Ratio Mortgage<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>2\u20134% insurance premium added to mortgage<br><\/li>\n\n\n\n<li>Higher total interest paid over time<br><\/li>\n\n\n\n<li>Less equity initially<br><\/li>\n\n\n\n<li>Selling early may feel expensive due to added premium<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Who Should Consider a High Ratio Mortgage?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">This option may make sense if:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You\u2019re a first-time buyer<br><\/li>\n\n\n\n<li>You don\u2019t have family support for gifting<br><\/li>\n\n\n\n<li>You want to stop paying rent<br><\/li>\n\n\n\n<li>You can earn better returns investing excess capital elsewhere<br><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">It may not be ideal if:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You plan to sell within a short timeframe<br><\/li>\n\n\n\n<li>You already have close to 20% saved<br><\/li>\n\n\n\n<li>You\u2019re stretching affordability limits<br><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Is a High Ratio Mortgage Bad?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">No.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For many families in Ontario, it\u2019s the only realistic way to enter the housing market. It\u2019s not a \u201cbad\u201d mortgage \u2014 it\u2019s simply a structured program designed to help Canadians buy homes with smaller down payments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The key is understanding the cost \u2014 not avoiding it blindly.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Should You Speak to a Mortgage Expert First?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Yes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Online calculators don\u2019t account for:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Income structure (especially self-employed)<br><\/li>\n\n\n\n<li>Debt ratios<br><\/li>\n\n\n\n<li>Future rate changes<br><\/li>\n\n\n\n<li>Closing costs<br><\/li>\n\n\n\n<li>Refinance strategy<br><\/li>\n\n\n\n<li>Renewal planning<br><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">A mortgage is often the largest financial decision you\u2019ll ever make. Structured advice can prevent mistakes that cost tens of thousands of dollars.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re buying in Toronto, Brampton, Mississauga or anywhere in the GTA, working with a licensed mortgage broker can help you compare insured and uninsured options across multiple lenders \u2014 not just one bank.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Frequently Asked Questions<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Does mortgage insurance protect me?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">No. It protects the lender. But it enables you to qualify with a smaller down payment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Do insured mortgages have better rates?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Often yes. Lenders offer slightly better rates on insured mortgages because they are lower risk to the bank.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Can I avoid insurance by putting 19% down?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">No. Insurance is required below 20%.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Is mortgage insurance refundable?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">No. The premium is not refundable once added.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Final Thoughts<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A high ratio mortgage isn\u2019t about whether you <em>can<\/em> put 20% down \u2014 it\u2019s about whether you <em>should<\/em>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For many Ontario buyers, entering the market earlier outweighs the insurance cost. For others, waiting may make more financial sense.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Understanding the numbers \u2014 and your long-term goals \u2014 is what truly matters.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019d like a structured breakdown of your specific situation, Team Done Mortgage can help you review insured vs uninsured scenarios before you commit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buying a home in Canada doesn\u2019t always require a 20% down payment. In fact, many buyers, especially first-time home buyers in Ontario and the GTA purchase homes with far less. If your down payment is less than 20% of the purchase price, your mortgage is considered a high ratio mortgage. Here\u2019s what that actually means. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":90,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-88","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Is a High Ratio Mortgage in Canada? - Blogs<\/title>\n<meta name=\"description\" content=\"What is a high ratio mortgage? 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She specializes in mortgage approvals for first-time buyers, self-employed borrowers, renewals, and refinancing strategies. Swati works with a wide network of lenders to structure mortgage files effectively and help clients secure competitive financing solutions. Through Done Mortgage, she focuses on simplifying the mortgage process and guiding clients toward the right mortgage strategy for their financial goals.","sameAs":["https:\/\/donemortgage.ca\/blogs","https:\/\/www.facebook.com\/malikswatti","https:\/\/www.instagram.com\/swatimalik88\/","https:\/\/www.linkedin.com\/in\/swati-malik-b6964691\/","https:\/\/ca.pinterest.com\/swattim\/_profile\/","https:\/\/www.youtube.com\/@DoneMortgage"],"url":"https:\/\/www.donemortgage.ca\/blogs\/author\/donemortgage_blogs\/"}]}},"rttpg_featured_image_url":{"full":["https:\/\/www.donemortgage.ca\/blogs\/wp-content\/uploads\/2026\/02\/High-ratio-mortgage_5down-vs-20-down.webp",1200,800,false],"landscape":["https:\/\/www.donemortgage.ca\/blogs\/wp-content\/uploads\/2026\/02\/High-ratio-mortgage_5down-vs-20-down.webp",1200,800,false],"portraits":["https:\/\/www.donemortgage.ca\/blogs\/wp-content\/uploads\/2026\/02\/High-ratio-mortgage_5down-vs-20-down.webp",1200,800,false],"thumbnail":["https:\/\/www.donemortgage.ca\/blogs\/wp-content\/uploads\/2026\/02\/High-ratio-mortgage_5down-vs-20-down-150x150.webp",150,150,true],"medium":["https:\/\/www.donemortgage.ca\/blogs\/wp-content\/uploads\/2026\/02\/High-ratio-mortgage_5down-vs-20-down-300x200.webp",300,200,true],"large":["https:\/\/www.donemortgage.ca\/blogs\/wp-content\/uploads\/2026\/02\/High-ratio-mortgage_5down-vs-20-down-1024x683.webp",1024,683,true],"1536x1536":["https:\/\/www.donemortgage.ca\/blogs\/wp-content\/uploads\/2026\/02\/High-ratio-mortgage_5down-vs-20-down.webp",1200,800,false],"2048x2048":["https:\/\/www.donemortgage.ca\/blogs\/wp-content\/uploads\/2026\/02\/High-ratio-mortgage_5down-vs-20-down.webp",1200,800,false]},"rttpg_author":{"display_name":"Swati Malik","author_link":"https:\/\/www.donemortgage.ca\/blogs\/author\/donemortgage_blogs\/"},"rttpg_comment":1,"rttpg_category":"<a href=\"https:\/\/www.donemortgage.ca\/blogs\/category\/mortgage\/\" rel=\"category tag\">Mortgage<\/a>","rttpg_excerpt":"Buying a home in Canada doesn\u2019t always require a 20% down payment. In fact, many buyers, especially first-time home buyers in Ontario and the GTA purchase homes with far less. If your down payment is less than 20% of the purchase price, your mortgage is considered a high ratio mortgage. 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