Free calculator · First-Time Buyers
Down Payment Calculator
Calculate the minimum down payment for a Canadian home under the tiered rules, plus whether CMHC mortgage insurance applies.
Find the minimum down payment for a Canadian home
Canada uses a tiered minimum down payment rule based on the purchase price. Enter a price and the down payment you have in mind to see the minimum required, whether you meet it, and whether the mortgage would be high-ratio or conventional.
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Estimates only. This is not a quote, pre-approval, or approval. Minimum down payment rules and insurance availability change — confirm current requirements with your lender and CMHC.
How this is calculated
The minimum down payment is built in tiers. The first $500,000 of the purchase price requires 5%. The portion from $500,000 to $1,500,000 requires 10%. Any portion at or above $1,500,000 requires 20%. So a $700,000 home needs $25,000 on the first $500,000 plus 10% of the remaining $200,000, for a minimum of $45,000. The tool also divides your mortgage by the price to get the loan-to-value ratio and flags whether default insurance is required.
The tiered minimum down payment rule
- 5% on the first $500,000 of the purchase price.
- 10% on the portion from $500,000 to $1,500,000.
- 20% on any portion at or above $1,500,000.
- Mortgage default insurance is required when the down payment is under 20%, and it is not available at all on homes priced at or above $1.5 million.
High-ratio vs conventional mortgages
A mortgage is high-ratio when the down payment is less than 20% of the purchase price, which means the loan-to-value ratio is above 80%. High-ratio mortgages must be insured against default, and the premium is usually added to the mortgage. A conventional mortgage has a down payment of 20% or more and does not require default insurance, though some lenders still arrange low-ratio coverage at their own cost.
When 20% or more is required
You need at least 20% down on any portion of the price at or above $1,500,000, and on homes priced at or above that threshold default insurance is unavailable. Even below the threshold, reaching 20% down can be worth it because it removes the insurance premium, lowers the loan-to-value ratio, and may open up better rates and products. Confirm your down-payment source meets your lender's rules, since gifted, borrowed, or grant-funded down payments can carry extra conditions.