Besides your down payment, CMHC fees are your next most substantial extra cost. All mortgages, in Canada, have to be insured if the down payment is less than 20% of the purchase price. CMHC insurance cost calculations can be complicated so it is best to get a thorough explanation from your mortgage advisor as to what your fees will be. Luckily, the CMHC cost can be rolled into the mortgage and amortized. If you have a 25 year amortized mortgage, you get 25 years to pay down your CMHC fees as well. If you can manage to put down 20% or more of the purchase price you can avoid CMHC costs all together.