If you have less than 25% of purchase price as down payment,
the mortgage lenders will require mortgage insurance as protection.
CMHC provide Mortgage Insurance for up to 95 per cent mortgages to
both First Time Buyers & Repeat Home Buyers.
You can buy a property with as little as 5% of the purchase price
as down payment, as long as you can meet the following criteria:

1.  The property must be located in Canada and are considered your principle residence.
2.  You must have a down payment of at least 5% of the purchase price of the property.
3. GDS Gross Debt Service Ratio must not exceed 32% of your gross household income.
(payments for mortgage principle, interest, property taxes, heating, condo fees etc.)
4. TDS Total Debt Service Ratio must not exceed 40% of your gross household income.
5. You must be able to pay closing costs equal to at least 1.5% of the purchase price.
6. Price restriction of $250,000 ceiling on homes purchased in Greater Toronto Area.
( There is no price ceiling when down payment is 10% or more. )
7. The maximum amortization period is 25 years.
8. If your down payment is a financial gift from others, the funds must be
in your possession at least 15 days before making an offer to purchase.
.

You may pay CMHC premium in a lump sum or add it to your mortgage and include it in your monthly payment.
.

Example: Payment for $ 100,000 at 8% interest with 25 years amortization
= ( $ 100,000 divided by $ 1,000 ) X $ 7.64 = $ 764.00 per month **
.

There is no price ceiling when down payment is 10% or more.
.