RATESDOTCA uses cookies and other similar technologies in order to provide you advertising based on your browsing activities and interests. If you wish to opt out of interest-based advertising or manage your preferences click here.
AdChoices
RATESDOTCA uses cookies and other similar technologies in order to provide you advertising based on your browsing activities and interests. If you wish to opt out of interest-based advertising or manage your preferences click here.
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.