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A mortgage down payment is the money you commit to the purchase of a property, paid upfront. It is expressed as a percentage of the property price, with 5% being the minimum requirement. For mortgage down payments of less than 20%, the buyer must purchase a default insurance, which is normally added to the mortgage amount. Premiums are calculated as a percentage of the property price and vary for mortgage down payments of 5% - 9.99%, 10% - 14.99% and 15% - 19.99%. The greater the mortgage down payment, the less of an insurance premium you’ll have to pay.
Different property values have distinct mortgage down payment requirements. For example, a home valued at less than $500,000 must have a down payment of 5%; a property costing between $500,001 and $999,999.99 required a 10% down payment on the portion above $500k; and a property valued at more than $1 million must have a down payment of at least 20%.
See and compare the best mortgage rates in Canada.
