In Canada you only need a minimum down payment of 5% to purchase a home, subject to certain maximum price restrictions. A down payment is the amount of money you put towards the purchase of a home. Your lender deducts the down payment from the purchase price of your home. Your Mortgage covers the rest of the price of the home. The minimum amount you need for your down payment depends on the purchase price of the home. If your down payment is less than 20% of the price of your home, you must purchase mortgage loan insurance.
$500,000 OR LESS – ONLY 5% OF THE PURCHASE PRICE
$500,000 TO $999,999 – 5% OF THE FIRST $500,000 OF THE PURCHASE PRICE + 10% FOR THE PORTION OF THE PURCHASE PRICE ABOVE $500,000