The minimum down payment required to purchase a home in Canada depends on the property’s purchase price. The down payment is calculated as a percentage of the purchase price. Here are the minimum down payment requirements:
- For homes with a purchase price of less than $500,000: The minimum down payment is 5% of the purchase price.
- For homes with a purchase price between $500,000 and $999,999: The minimum down payment is 5% of the first $500,000, plus 10% of the portion between $500,000 and $999,999.
- For homes with a purchase price of $1 million or more: The minimum down payment is 20% of the purchase price.
- It’s important to note that these requirements may vary based on specific lending institution policies and other factors. It’s always a good idea to consult with a mortgage broker or lender to get the most accurate and up-to-date information for your particular situation.
