How Much Do I Need for a Down Payment?

Author: Boychuk Mortgage Group |

What you need for your minimum down payment is a very common question in today’s market so let’s break that down.

  • The minimum down payment requirements are:
  • 5% on the first $500,000.
  • 10% on the next $500,000, up to $1,000,000.
  • 20% on any purchase over $1,000,000.
  • 20% will also be required when you:
  • Purchase a rental property
  • Take a 30-year amortization
  • Refinance your mortgage
  • Purchase over $1,000,000
  • Utilize alternative financing options
  • Examples of some down payment sources may include:
  • Personal savings
  • A gift from an immediate family member
  • RRSP’s or TFSA’s
  • Investment accounts
  • Borrowed money in some cases