What is the purpose of a down payment?

The down payment is the initial amount you pay when you first purchase your home.

The mortgage loan covers the rest of the purchase price.

The minimum down payment is:

  • 5% for properties $500,000 or less
  • 10% for the portion exceeding $500,000
  • 10% if the property has more than two dwellings (triplex, quadruplex, apartment building)
  • 20% for properties $1 million and above
  • 20% when you finance part of your purchase with a home equity line of credit

Did you know you can use your RRSPs to make a down payment? Learn more about the Home Buyers’ Plan (HBP).


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Since September 2, 2019, CMHC and the National Housing Strategy have offered several incentives to help first-time homebuyers. To learn more, read our article.

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