Hustle & GritWatch us on YouTube
Sagen (formerly Genworth Canada) is a private mortgage default insurer approved to insure high-ratio mortgages in Canada, operating alongside CMHC and Canada Guaranty under the same federal rules.
Sagen is a privately owned company rather than a Crown corporation, but that distinction doesn’t change the rules a borrower faces. Because default insurance is federally regulated regardless of insurer, a Sagen-insured file follows the same GDS/TDS maximums, the same $1.5 million insured price cap, and the same amortization limits as a file insured by CMHC or Canada Guaranty.
Lenders choose which of the three approved insurers to use on a given deal, often based on their own underwriting relationships and program fit rather than anything the borrower controls. Sagen’s premiums fall within the same published range as the other insurers — roughly 0.60%–4.00% of the loan amount depending on loan-to-value.
Private insurer, same federal rules: GDS 39% / TDS 44%, the $1.5 million price cap (December 15, 2024), and amortization limits apply to Sagen-insured files exactly as they do to CMHC-insured files.
Premiums in the published range: roughly 0.60%–4.00% of the loan amount, scaled to loan-to-value.
Used across Canada: mortgage agents, submortgage brokers, mortgage associates, and courtiers hypothécaires route insured files to whichever of the three approved insurers fits the lender’s program.
Not a government agency: unlike CMHC, Sagen is privately owned, though its insurance is treated identically for qualifying purposes.
Definitions reflect Canadian federal and provincial rules as of the “Updated” date above. Not advice for any specific file.
Every term a Canadian mortgage professional needs — defined, sourced, and kept current.
See how Treadstone can scale your brokerage — a free call, no commitment.