What is the minimum down payment I need to buy a home?

Author: Shea Stoney Mortgage Solutions |

The minimum down payment required to buy a home in Canada depends on the property's purchase price. The minimum down payment for homes priced below $500,000 is 5% of the purchase price. For homes priced between $500,000 and $999,999, the minimum down payment is 5% of the first $500,000 and 10% of the remaining amount. For homes priced at $1 million or more, a minimum down payment of 20% is typically required. However, it's important to note that a larger down payment can help you secure more favourable mortgage terms and reduce your monthly mortgage payments.