What Is the Minimum Down Payment for a Home in Canada?

If you’re planning to buy a home, you may be wondering:

“How much do I need to put down?”

Here’s the general guideline.

For Homes Under $500,000

Minimum down payment:

5%

For Homes Between $500,000 and $999,999

5% on the first $500,000
10% on the remaining portion

For Homes $1 Million or More

Minimum:

20%

What About Mortgage Insurance?

If you put down less than 20%:

Mortgage default insurance is required.

This protects the lender — not the borrower.

Saving Strategically

Many buyers use:

TFSAs
RRSP Home Buyers’ Plan
Dedicated savings accounts

Preparation makes approval easier.

Disclaimer: This article is for informational purposes only.