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 Price | Minimum 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 |