Canada Guaranty Mortgage Insurance Benefits

Products at a Glance

An overview of available products, summarized guidelines and applicable premiums.

Downpayment Advantage™ (95% LTV and Less)

  • Purchase: Max. 95% LTV for 1 to 2 units, 1 unit owner-occupied
  • Purchase: Max. 90% LTV for 3 to 4 units, 1 unit owner-occupied
  • Purchase, Purchase Advantage Plus™, Resale or New Construction (single advance)
  • Maximum debt service ratios: GDS 39% / TDS 44%
  • Down payment from own resources or gifted from an immediate family member

Flex 95 Advantage™

  • Max. 95% LTV
  • Purchase, Purchase Advantage Plus™, Resale or New Construction (single advance)
  • Maximum debt service ratios: GDS 39% / TDS 44%
  • Max. 2 units, 1 unit owner-occupied
  • Strong credit profile required
  • Down payment options include: borrowed down payment from arm’s length source, gifts or grants from arm’s length 3rd party

Purchase Advantage Plus™

  • Max. 95% LTV 1 to 2 units, 1 unit owner-occupied
  • Max. 90% LTV 3 to 4 units, 1 unit owner-occupied
  • Maximum debt service ratios: GDS 39% / TDS 44%
  • Gifted down payments from immediate family members are eligible
  • Full appraisal required if value of improvements exceeds 20% of “as is” value or $40,000
  • Borrower to supply lender with written quotes
  • Lender to manage holdbacks and confirm improvements are completed

Lifestyle Advantage™ (Second Homes)

  • Purchase: Max. 95% LTV
  • Strong credit profile required
  • Purchase, Purchase Advantage Plus™, Resale or New Construction (single advance)
  • Maximum debt service ratios: GDS 39% / TDS 44%
  • Max. 1 unit for secondary occupancy, owner-occupied or occupied by a member of the owner’s immediate family

Progress Draw Advantage™

  • Purchase: Max. 95% LTV 1 to 2 units, 1 unit owner-occupied
  • Purchase: Max. 90% LTV 3 to 4 units, 1 unit owner-occupied
  • Strong credit profile required
  • Maximum debt service ratios: GDS 39% / TDS 44%
  • Down payment from own resources or gifted from an immediate family member
  • Title to land in borrower’s name on, or before, closing
  • Basic Service (lender managed) and Full Service (insurer managed) available
  • Builder loans are not eligible

Rental Advantage™

  • Purchase: Max. 80% LTV
  • Properties with 2-4 units only. Single unit properties ineligible.
  • Strong credit profile required
  • Maximum debt service ratios: GDS 39% / TDS 44%
  • Max. 50% of gross rental income may be added to the borrower’s gross annual income
  • Down payment from own resources
  • Maximum Loan Amount for Greater Calgary, Vancouver and Toronto Areas is $750,000. For all other locations, a maximum loan amount of $600,000 applies.

Low Doc Advantage™ (Self-Employed)

  • Purchase: Max. 90% LTV
  • Strong credit profile required
  • Maximum debt service ratios: GDS 39% / TDS 44%
  • Max. 2 units, 1 unit owner-occupied (secondary homes are ineligible)
  • 2 years self-employed
  • Borrower’s income must be reasonable for the nature and tenure of the business
  • Minimum 10% down payment, of which 5% must come from borrower’s own resources. Remainder may be gifted from an immediate family member.
  • Lender to confirm no tax arrears (please refer to product sheet for details)
  • Commission sales income is not eligible
  • Maximum loan amount for Greater Toronto, Vancouver and Calgary areas is $750,000. For all other locations, a maximum loan amount of $600,000 applies. Exceptions to be reviewed on a case-by-case basis.

Portable Advantage™

  • Max. 95% LTV 1 to 2 units
  • Max. 90% LTV 3 to 4 units
  • Max. 4 units, 1 unit owner-occupied (please refer to product sheet for details)
  • Purchase, Resale or New Construction (single advance)
  • Straight Port: No changes (LTV/amort./$) no new premium
  • Port with Increase: Increase LTV/amort./$ , premiums based on the lesser of single premium on the total loan amount or the top-up portion
  • Port with Increase: Borrower eligible for the Borrower Loyalty Credit
  • Original mortgage must be in good standing and insured by Canada Guaranty

Maple Leaf Advantage™

  • Max. 95% LTV
  • Maximum debt service ratios: GDS 39% / TDS 44%
  • Minimum 5% down payment from borrower’s own resources. Remainder may be gifted from an immediate family member or from a corporate subsidy. No borrowed down payments permitted.
  • Alternate forms of credit confirmation acceptable
  • Purchase, Purchase Advantage Plus™, Progress Draw Advantage™, Resale or New Construction
  • Must have immigrated to Canada within the last 5 years
  • Permanent resident/landed immigrant status or a valid work permit required
  • Max. 2 units, 1 unit owner-occupied

Energy-Efficient Advantage Program

  • Applicable to all Canada Guaranty mortgage insurance products
  • Purchase: New construction or existing home
  • Purchase with improvements for energy-efficiency purposes
  • Borrowers with mortgage financing currently insured by Canada Guaranty are eligible for a partial premium refund of up to 25%
  • Request for partial premium refund must be submitted within 24 months of the mortgage closing date
  • All applicable mortgage insurance premiums and fees on the original mortgage must have been received by Canada Guaranty prior to issuing the refund
  • Please refer to Energy-Efficient Advantage Program overview for complete details regarding qualifications and required documentation

Product Features

  • All products: 
    • Eligible for portability
    • Maximum 25 year amortization
    • Maximum debt service ratios: GDS 39% / TDS 44%
    • Maximum property value must be less than $1,000,000
  • For products that allow a minimum 5% down payment, the following guidelines apply:
    • Purchase Price ≤ $500,000: Minimum 5% down payment required.
    • Purchase Price > $500,000 and < $1,000,000: Minimum 5% down payment required on the first $500,000 of the purchase price, plus an additional 10% down payment required on the portion of the purchase price above $500,000.

NOTE:Maximum LTV is subject to adjustments based on local housing market conditions.

Disclaimer:Product guidelines are subject to change without notice. Information in this document represents a brief summary of products only. Please refer to official product sheets and underwriting guidelines for additional details.

Premium Rates at a Glance
  Standard Premium Rates Low Doc Advantage™ Rental Advantage™
Loan-to-Value Ratio Single Port. Top-up Single Port. Top-up Single Port. Top-up
≤ 65%0.60%0.60%0.90%1.75%1.45%3.15%
65.01 - 75%0.75%2.60%1.15%3.00%2.00%3.45%
75.01 - 80%1.25%3.15%1.90%4.45%2.90%4.30%
80.01 - 85%1.80%4.00%3.35%6.35%
85.01 - 90%2.40%4.90%5.45%8.05%
90.01 - 95%3.60%5.65%
Flex 95 Advantage™3.85%5.65%
NOTE: Mortgage insurance premiums are non-refundable.

Last Updated: 11/30/2016

Copyright © 2010 - 2016 Canada Guaranty Mortgage Insurance Company. All Rights Reserved. All mortgage insurance is underwritten by Canada Guaranty Mortgage Insurance Company.

Terms of Use | Privacy Policy | Portfolio Metrics