Canadians can buy a home for as little as 5% down payment, under two major programs administered by both CMHC, a Federal Crown Corporation, and Genworth, a private sector insurer.

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Amortization
CMHC homeowner mortgage loan insurance with extended amortization allows qualified homebuyers to choose an amortization period as long as 35 years as compared to the standard maximum of 25 years. A longer amortization period can help lower payments making home ownership possible for more borrowers.

As homebuyers can qualify for a higher mortgage amount, they will have more choice in the type of home they purchase.