A mortgage down payment is the amount of money you pay upfront to a bank or financial institution when purchasing a home. The standard minimum mortgage down payment rules in Canada are as follows:
| Purchase Price | Minimum Down Payment |
|---|---|
| Up to $500,000 | 5% of purchase price |
| $500,001 to $999,999 | 5% on the first $500,000 + 10% of the remaining purchase price above $500,001 |
| $1,000,000 and up | 20% of purchase price |
*A lender may sometimes require a larger payment if you’re self-employed or have poor credit.
*Homebuyers who put down less than 20% will require mortgage loan insurance, which protects the lender if you can’t make your payments. The premiums can be paid upfront, but are typically added to your regular mortgage payment.
Figure out your minimum down payment with our Financial Pipeline calculator: