What’s a Down Payment, Really?

Your down payment is the money you pay upfront when buying a home. In Canada, the rules are straightforward but can vary depending on your purchase price.

Down Payment Rules:

• 5% minimum for homes up to $500,000.

• 10% on the portion of the home price between $500,000–$1,000,000.

• 20% minimum for homes over $1,000,000.

• 20% or more avoids mortgage default insurance.

Gifted Down Payments

Did you know your down payment can come from a family gift? There are rules, but I’ll guide you through them.

Saving Strategies

• Set up an automatic savings plan.

• Use your RRSP under the Home Buyers’ Plan (HBP).

• Consider a First Home Savings Account (FHSA) for tax benefits.

Not sure how much you need? I can walk you through your options and create a plan to get you into your first home faster.