The lender typically requires this form of insurance for mortgage loans with a down payment of less than 20 %. (ratesupermarket.ca)
The truth is you could possibly get a conventional home loan with a down payment as low as 3 %. (homebuyinginstitute.com)
Mortgage insurance is often required when buying a home with a down payment of under 20 % or when refinancing with a current equity of less than 20 %. (valuepenguin.com)