The rules are tiered: 5% on the first $500,000, 10% on the portion from $500,000 to $1.5 million, and 20% above that. Enter a price below to see your minimum. Then check the premium with the CMHC insurance calculator.
For a home up to $500,000 you need 5% down. Between $500,000 and $1.5 million it's 5% on the first $500,000 plus 10% on the rest. At $1.5 million or more you need 20%. Insured mortgages (under 20% down) are only available on homes under $1.5 million — a cap raised from $1 million on December 15, 2024.
| Purchase price | Minimum down payment |
|---|---|
| $500,000 or less | 5% of the price |
| $500,000 to $1.5 million | 5% of the first $500,000 + 10% of the portion above $500,000 |
| $1.5 million or more | 20% of the price |
Mortgage default insurance is what lets you buy with less than 20% down. Effective December 15, 2024, the federal government raised the price cap for insured mortgages from $1 million to $1.5 million. Below the cap you can use the tiered 5%/10% minimums; at or above $1.5 million the home can't be insured, so you need at least 20% down.
The same reform made 30-year amortizations available on insured mortgages to all first-time home buyers and to all buyers of new builds — which lowers the monthly payment. See how much mortgage you can get.
See more at $750k, $500k and $1M. Illustrative — verify with a lender.
Usually yes. Any down payment under 20% requires mortgage default insurance, whose premium is added to your mortgage. At 20% or more it's generally not required.
Normally your own savings or equity. You can also use RRSP funds via the Home Buyers' Plan (up to $60,000) and the First Home Savings Account. Borrowed down payments are treated as "non-traditional" and carry a higher insurance premium.
Yes. Owner-occupied rules are shown here; non-owner-occupied and larger properties have different requirements. Check with your lender.