We only bought with 5% down and I understand why many do. I feel comfortable with the decision because we're no longer paying rent.
Unless parents are helping out it can be challenging saving $60,000-$100,000 cash for a down payment when you have children and a rent payment that is north of $1,000.00. Not everyone out there is the 1% like on CP.
Frankly, banks carry a mortgage with default insurance over 80% because they are not allowed to carry it as a conventional mortgage over 80% due to regulations. You better believe that all places would finance 100% if they could get away with it because competition between FIs and brokers would push to that.
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