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. For the official government announcement, click here.

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.

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