What is the Minimum Down Payment for purchasing a home in Canada?

Your minimum mortgage down payment depends on the purchase price. There are three scenarios:

• For properties up to $500,000, the minimum down payment is 5% although some lenders may require more.

• For the purchase price > $500,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion.

• For the purchase price = > $1 Million, the minimum down payment is 20%.