One of the most important things about a mortgage is the mortgage insurance. But rarely people take a mortgage insurance and we can see so many people become unable to repay their mortgage amount which leads them sometimes to bankruptcy!

Here lies the importance of a mortgage insurance. It has many advantages like:
1. Better interest rate: Because of the protection mortgage insurance offers lenders, they offer the best rate for their customers.

Allows Buyers to Purchase with a Smaller Down Payment: Buyers can use insurance through the CMHC and will only have to pay 5% down on their property.

May Protect Buyers in Case of Job Loss: The consistent payment of mortgage insurance premiums can help protect the homeowner in case they lose their income for a short period of time.

Here is a calculator offered by the real estate service providers in Toronto. This could help you find the CMHC and Total Provincial Sales Tax.