Minimum Downpayment

On December 11th, 2015, the Canadian federal government announced a change impacting minimum downpayment amounts for homes valued between $500,000 and $1,00,000. The change took effect on February 15th, 2016.  The minimum downpayment for new insured mortgages is now 5 per cent to 10 per cent for the portion of the house price above $500,000. The 5 per cent minimum downpayment for properties up to $500,000 remains unchanged.

Provided by MCC Centric Mortgage, this table is a summary of various down payment calculations for prices from $500,000 to $1,000,000. Home prices over $1,000,000 require a minimum of 20% down.

For more information on high ratio financing, see our High Ratio Mortgage Insurance Information page.

Down Payment Snapshot After Feb 15th
Home PriceMinimum DP needed
$500,000$25,000
$525,000$27,500
$550,000$30,000
$575,000$32,500
$600,000$35,000
$625,000$37,500
$650,000$40,000
$675,000$42,500
$700,000$45,000
$725,000$47,500
$750,000$50,000
$775,000$52,500
$800,000$55,000
$825,000$57,500
$850,000$60,000
$875,000$62,500
$900,000$65,000
$925,000$67,500
$950,000$70,000
$975,000$72,500
$1,000,000$75,000