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Old 04-14-2015, 07:58 AM   #10
Playboy Mansion Poolboy
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Join Date: Apr 2004
Location: Close enough to make a beer run during a TV timeout

I do agree to a certain extent; however keep in mind that this was brought in so that people didn't have to have a 20% down payment. Without CMHC, banks would likely not want to look at mortgages without that much down.

So the benefit you are getting is being able to buy a house with only 5% down.

If the coverage protected you in the way you are thinking, the cost would have to be considerably more; as it would be used far more frequently.
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