How Much Should You Put Down?

In Canada, a home buyer’s minimum down payment depends on the property’s total purchase price.

Homes costing $500,000 or less require a minimum 5% down payment from personal savings.

Properties between $500,000 and $1.5 million need 5% on the first $500,000 and 10% thereafter.

Homes priced above $1.5 million require a full 20% down payment to qualify for a mortgage.

Buyers with weak credit or self-employment status may face higher down payment requirements.