Minimum down payment in Canada
- Homes up to $500,000: 5% of the price
- $500,000 to $1.5 million: 5% of the first $500,000, plus 10% of the rest
- $1.5 million or more: 20% of the price
On a $750,000 home, the minimum is $50,000. Rental properties and second homes generally need 20% down.
Mortgage insurance (CMHC)
If you put down less than 20%, your mortgage has to be insured, and the premium is added to your mortgage. The premium depends on how much you put down:
- 5% to 9.99% down: 4.00% of the mortgage
- 10% to 14.99% down: 3.10%
- 15% to 19.99% down: 2.80%
- An extra 0.20% if you choose a 30-year amortization
Insured mortgages are only available on homes under $1.5 million that you'll live in. Sagen and Canada Guaranty also insure mortgages, at similar rates. In BC, there's no sales tax on the premium.
25 or 30 years
With less than 20% down, the longest amortization is 25 years, or 30 years if you're a first-time buyer or buying a newly built home. With 20% or more down, your lender sets the limit, and 30 years is common. A longer amortization lowers the payment but adds a lot of interest over time.
The stress test
To approve you, lenders check that you could afford the payment at a higher rate: the greater of 5.25% or your rate plus 2%. The calculator shows that payment so you know what your income and debts need to support. Federally regulated lenders apply this to uninsured mortgages, and insured mortgages have a similar test.
Don't forget the closing costs
Your down payment isn't the only cash you'll need. Budget for property transfer tax, legal fees, a home inspection and adjustments; see the hidden costs of buying a home in BC. Ready to start? My free Buyer's Guide walks through every step.
Rules checked October 25, 2026 against the Financial Consumer Agency of Canada (down payment, amortization), CMHC premium rates and the OSFI minimum qualifying rate. This calculator is a general estimate, not financial advice. Results are deemed accurate but not guaranteed; verify with your lender or mortgage broker.