MONEY GLOBE XMinimum down payment and mortgage insurance in Canada
Minimum down payment in Canada: 5% of the first $500,000, 10% of the rest, 20% from $1.5 million. CMHC premiums with worked examples.
Last checked November 8, 2026. Every rule below names its source; the official pages are listed at the end with their own dates.
In short
- Minimum down payment: 5% of the first $500,000 and 10% of the part from $500,000 to $1.5 million; 20% from $1.5 million.
- With less than 20% down the mortgage must be insured; the premium, 0.60% to 4.00% of the loan, is usually added to the mortgage.
- Since December 15, 2024 insured mortgages are available for homes up to $1.5 million, with 30-year amortizations for first-time buyers and new builds.
Mortgage calculator (Canada and USA)BC home prices by city and town
The minimum down payment
| Purchase price | Minimum down payment |
|---|---|
| $500,000 or less | 5% |
| $500,000 to $1.5 million | 5% of the first $500,000 plus 10% of the rest |
| $1.5 million or more | 20% |
| Price | Minimum down payment | Loan before insurance | CMHC premium at that loan-to-value |
|---|---|---|---|
| $400,000 | $20,000 (5.00%) | $380,000 | 4.00% = $15,200 |
| $600,000 | $35,000 (5.83%) | $565,000 | 4.00% = $22,600 |
| $900,000 | $65,000 (7.22%) | $835,000 | 4.00% = $33,400 |
| $1,400,000 | $115,000 (8.21%) | $1,285,000 | 4.00% = $51,400 |
| $1,600,000 | $320,000 (20.00%) | $1,280,000 | not needed (20% down) |
Worked out from the FCAC minimums and the CMHC premium table below.
Mortgage loan insurance premiums (CMHC)
| Loan-to-value | Premium on the loan |
|---|---|
| Up to 65% | 0.60% |
| 65.01% to 75% | 1.70% |
| 75.01% to 80% | 2.40% |
| 80.01% to 85% | 2.80% |
| 85.01% to 90% | 3.10% |
| 90.01% to 95% | 4.00% |
| 90.01% to 95%, non-traditional down payment | 4.50% |
Ontario, Quebec and Saskatchewan charge provincial sales tax on the premium, paid in cash at closing; BC does not.
What changed in December 2024
From December 15, 2024 the price cap for insured mortgages rose from $1 million to $1.5 million, and 30-year amortizations became available to all first-time buyers and all buyers of new builds (Department of Finance).
On BC average prices
Live data: minimum down payment on each city's average price (12 months to September 2026)
| Place | Average price | Minimum down payment | Insured mortgage possible |
|---|---|---|---|
| Vancouver | $1,408,413 | $115,841 (8.2%) | yes, with less than 20% down |
| Surrey | $912,896 | $66,290 (7.3%) | yes, with less than 20% down |
| Burnaby | $1,005,394 | $75,539 (7.5%) | yes, with less than 20% down |
| Richmond | $1,019,790 | $76,979 (7.5%) | yes, with less than 20% down |
| Victoria | $882,483 | $63,248 (7.2%) | yes, with less than 20% down |
| Kelowna | $881,574 | $63,157 (7.2%) | yes, with less than 20% down |
| Kamloops | $656,845 | $40,684 (6.2%) | yes, with less than 20% down |
| Nanaimo | $730,254 | $48,025 (6.6%) | yes, with less than 20% down |
| Prince George | $474,774 | $23,739 (5.0%) | yes, with less than 20% down |
Average price of all homes sold, used as an example price.
Source: Province of British Columbia, Property Transfer Tax data (OGL-BC), 12 months to September 2026. Data updated November 08, 2026.
Questions
What is the minimum down payment on a $700,000 home?
$45,000: 5% of $500,000 ($25,000) plus 10% of $200,000 ($20,000).
When do I need mortgage insurance?
When you put down less than 20% of the price.
What is the highest price for an insured mortgage?
Less than $1.5 million, since December 15, 2024.
How much is CMHC insurance with 5% down?
4.00% of the loan for a loan-to-value from 90.01% to 95%.
Related guides
Sources
- Financial Consumer Agency of Canada: Down payment (page dated October 15, 2025)
- Department of Finance Canada: mortgage reforms in force December 15, 2024
- CMHC: Premium information for homeowner and small rental loans
- Province of British Columbia: Property Transfer Tax data (Open Government Licence - British Columbia)
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Create a free accountLast checked November 8, 2026. General information only - not financial, legal, tax or real estate advice. Rules change: confirm with the official source or a licensed professional before you act.