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Jared: We all actually own them, I'm not sure if you're aware of that. Canadian Mortgage
and Housing Corporation is a federally run institution which all the taxpayers, which
is everybody in this room, owns a piece of. So you can actually say you own a piece of
CMHC. And the other two companies are Genworth, and the other one on that side is Canada Guarantee.
And they are the three different insurers.
So any time you put down less than 20% of the purchase price, it has to be insured.
So no matter what lender you work with, they have to go through one of these three insurers
to insure the mortgage.
Female: What is the percent that you have to pay?
Jared: It's calculated on the size of the mortgage and it varies if you're putting down
between 5% to 10%, and then it varies again for putting between 10% to 15%. So it ranges
anywhere from 3% right now to 1.25%.