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What is the Minimum Down Payment for purchasing a home in Canada?


Your minimum mortgage down payment depends on the purchase price. There are three scenarios:


  • For properties up to $500,000, the minimum down payment is 5% although some lenders may require more.


  • For the purchase price > $500,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion.


  • For the purchase price = > $1 Million, the minimum down payment is 20%.

o Ex. on a $500,000 home: $500,000 x 5% = $25,000

  • For homes priced between $500,000 and $999,999: You will need to add two amounts. The first is 5% of $500,000. The second amount if 10% of the remaining price of the home. o Ex. on a $750,000 home: ° $500,000 x 5% = $25,000 ° $250,000 x 10% = $25,000 ° $25,000 + $25,000 = $50,000

  • For homes priced $1 million and above, you need to multiply by 20% o Ex. on a $1,000,000 home: ° $1,000,000 x 20% = $200,000


UPDATED: AS OF 15 DEC. 2024, the purchase cap for INSURED MORTGAGES will be changed to $1.5M. That means that you can still put a min down payment of less than 20% up to a purchase price of $1.5M.

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