What is the BC CMHC mortgage insurance cap?

Direct answer

Effective December 15, 2024, the federal government raised the CMHC (and Sagen, Canada Guaranty) default-insurance cap from $1,000,000 to $1,500,000 for purchases of a primary residence. The change makes high-ratio mortgages (less than 20% down) available on properties up to $1.5M — a structural lift to the BC Lower Mainland market where the median single-family detached price is well above $1M. Below the cap, minimum down payments are 5% on the first $500K and 10% on the portion between $500K and $1.5M; at $1.5M+ a 20% down payment is mandatory and the mortgage is "uninsured." The cap change paired with the same-date introduction of 30-year amortizations for first-time buyers and buyers of newly built homes (otherwise insured mortgages cap at 25-year amortization). Worked example on a $1.4M Coquitlam single-family: minimum down = 5% × $500K + 10% × $900K = $115K (about 8.2%); high-ratio mortgage of $1.285M is now CMHC-insurable. CMHC premiums on the $1.285M loan at 8% down: ~3.10% × $1.285M = ~$39,800 added to the mortgage (BC PST 7% on the premium = ~$2,800 due in cash at closing).