How Much Do You Need For Downpayment?

A mortgage down payment your portion of the purchase price which is coming from you when when you purchase a property. This is typically calculated as a percentage of the home price and this includes the initial deposit that you give when you have an accepted purchase offer.

In Canada, the minimum down payment varies depending on the home price. For homes up to $500k, it's 5%. Homes between $500k and $1M require 5% on the first $500k and 10% on the rest.  For properties over $1M, the minimum downpayment is 20% and follows a sliding scale set by individual lenders. Meaning, the higher the value, the bigger downpayment is required.

Your down payment affects the home price you can afford, the size of your mortgage and monthly payments, and the amount of mortgage insurance required. Acceptable sources of funds include savings, sale proceeds, family gifts, borrowed funds, investments, and RRSPs. 

If you need more information, please call/text at 604 783 9097.