In Canada, mortgage default insurance is usually a requirement when you put down less than 20% on your home. The premium will be charged to your lender who will pass the cost to you. 

There are some requirements you will need to meet to qualify for mortgage insurance: 

• Your insured mortgage will be amortized for no more than 25 years. 
• You are making a minimum down payment of 5% on a loan of up to $500,000. A 10% down payment on any amount between $500,000 and $999,999 is required. 
• Your home’s purchase price is less than $1 million.

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