Down payment

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 PaymentPremium on total loan amount as of January 1st, 2021Premium on additional loan amount as of January 1st, 2021
20%0%/2.40%.60% to 6.05%

Rate for owner non-occupied

Condo to fourplex20% Conventional
Fiveplex and more15% insured or 25% conventional minimum

Minimum down payment for owner occupied

Type of propertyDown payment
Single familial5 %
Duplex5 %
Triplex10 %
Fourplex10 %
Fiveplex and more15 %