A down payment is the amount you pay upfront when buying a property. Your mortgage covers the rest of the purchase.
The minimum down payment is as follows:
5% of purchase price:
10% of purchase price:
20% of purchase price:
Good to know:
The minimum down payment may be higher in some cases.
How do I build up my down payment?
Find out about the Home Buyers' Plan (HBP) which allows you to take up to $60,000 from your RRSP for your down payment.
Also, discover the Tax-Free Savings Account for First-Time Home Buyers (FHSA) that could save you $40,000.
Need advice?
Make an appointment with an advisor at your local branch to discuss your home-buying plans.
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