As of February 15th, 2016, homes up to $500,000 require a 5% minimum down payment.

 

For homes between $500,000 and $1,000,000, the minimum down payment equals 5% of the first $500,000 plus 10% of the remaining home price.

 

As of December 15, 2024, the government of Canada has introduced a new cap for 30-year insured mortgages for first-time home buyers or all buyers of newly built properties. Under this reform, the minimum down payment equals 5% of the first $500,000 plus 10% of the remaining home price up to $1,500,000.

 

You can easily calculate this value by clicking on the down payment row in the purchase calculator and choosing "Auto." Alternatively, you can tap the "Calculate Minimum" button and let the app calculate the minimum down payment every time you change the home price. It's that easy.