When purchasing a home all financial institutions request 20% as a down deposit. This is considered a conventional mortgage loan. If your deposit is less than 20% you will require to purchase a mortgage insurance (CMHC) Canada’s mortgage and housing corporation. The amount varies depending on the down deposit the greater the deposit the lesser the risk so the rate will be lower.
Please refer to the examples below:
Rate for owner occupied
| Down Payment | Premium on total loan amount as of January 1st, 2021 | Premium on additional loan amount as of January 1st, 2021 |
| 5% | 4.00% | 6.30% |
| 10% | 3.10% | 6.25% |
| 15% | 2.80% | 6.20% |
| 20% | 0%/2.40% | .60% to 6.05% |
Rate for owner non-occupied
| Condo to fourplex | 20% Conventional |
| Fiveplex and more | 15% insured or 25% conventional minimum |
Minimum down payment for owner occupied
| Type of property | Down payment |
| Single familial | 5 % |
| Duplex | 5 % |
| Triplex | 10 % |
| Fourplex | 10 % |
| Fiveplex and more | 15 % |