Even though CMHC has tighened its reins on mortgages (eliminating 40 year mortgages), there are still many in the mortgage industry that are against eliminating zero down mortgages. The general consensus is that by elimination zero down mortages, it takes a mortgage away form individuals who have proven their credit worthiness. The zero down mortgage does have an interest rate that is one or tow points above the discounted rate. But it's extremely valuble because it allows fir st time home purchasers the opportunity to get into a home without having to save up a 5% or 10% downpayment and also take advantage of the record low prime rate.
So if you have a steady job, good credit and haven't saved your downpayment, this may be the option that will allow you to pay your own mortgage and kiss your landlord's Good-bye!