Convenient timing that this rate hike happens at the same time that the liberals are encouraging more first time buyers to enter the market with their interest free loans. Although those loans could certainly be used to achieve the 20%, I'm sure they are very aware this is not the case. We paid the CMHC insurance as we balanced the cost (roughly $13,000 put directly on our mortgage) against the odds that our property would appreciate an equivalent amount in the same time period or less that it would take us to save enough for 20% down. As it turns out it was the right decision, but not one made easily.