A tiered calculation, not one percentage
The minimum applies in price tiers: one percentage on the first tier, a higher percentage on the portion above. Above a certain price, mortgage insurance is no longer available and a twenty percent minimum applies to the whole amount.
The twenty percent threshold
Below twenty percent down, the mortgage must be insured: it is a high-ratio loan. At twenty percent or more, the loan is conventional, with no insurance premium, but qualification criteria still apply.
A home, a cottage, a rental building
Minimums differ depending on whether the property is your principal residence, a second home, or an income property. A multi-unit building not occupied by the owner generally requires a markedly larger down payment.
The source of funds must be shown
The lender requires traceability: several months of statements, a gift letter for family funds, a withdrawal from a registered plan. A large unexplained deposit delays a file, sometimes fatally.
The down payment is not the only cash needed
On top of your equity come the closing costs: transfer duties, notary, inspection, appraisal, adjustments. A buyer who puts everything into the down payment comes up short at signing.
What the tiers do not tell you
Meeting the minimum does not mean qualifying: income, debt ratios, and credit history decide the rest. Have both sides validated together, not one after the other.
No rate, price, or recommendation on this page. Amounts and limits change: verify them with official sources before deciding.