Mortgage · Canada
Down payment calculator.
Enter a home price to see the minimum down payment Canadian rules require, then enter your savings to see how many months until you get there. Runs in your browser; nothing is sent anywhere.
The minimum is 5% of the first $500,000 plus 10% of the portion from $500,000 to $1.5 million; at $1.5 million or more it is 20% of the whole price. A $600,000 home needs $35,000. The same rule applies in every province.
Inputs
Minimum down payment
Enter a home price and press Calculate.
Worked example: a $600,000 home
5% of the first $500,000 is $25,000. 10% of the remaining $100,000 is $10,000. The minimum down payment is $25,000 + $10,000 = $35,000, which is 5.83% of the price and leaves a $565,000 mortgage before any insurance premium. For a $400,000 home it is simply 5%, or $20,000. Both examples are the ones the Financial Consumer Agency of Canada publishes.
The rule by price band
| Purchase price | Minimum down payment |
|---|---|
| $500,000 or less | 5% of the price |
| $500,000 to $1.5 million | 5% of the first $500,000 + 10% of the portion above $500,000 |
| $1.5 million or more | 20% of the price |
Formula notes
Months to save = (target down payment − saved so far) ÷ monthly saving, rounded up. No interest or investment return is assumed. The tool shows two targets: the minimum, and 20% of the price, the level at which mortgage loan insurance is typically not required. With less than 20% down you will typically need mortgage loan insurance, with premiums of 0.6% to 4.5% of the mortgage amount per the same source; use the CMHC premium calculator for the figure. Lenders can ask for more than the minimum, for example if you are self-employed or have a weak credit history.
Source, fetched 30 September 2026: Financial Consumer Agency of Canada — Down payment. Next, test what you can carry with the affordability calculator, and see whether an FHSA can speed up saving.
Frequently asked questions
How much down payment do I need in Canada?
5% of the first $500,000 of the price, plus 10% of the portion between $500,000 and $1.5 million. At $1.5 million or more you need 20% of the whole price. For a $600,000 home that is $25,000 + $10,000 = $35,000 (the Financial Consumer Agency of Canada's own example).
Is the minimum down payment different in Ontario, Alberta or BC?
No. The minimum down payment rule is federal and applies in every province and territory. What differs by province is the closing cost on top of it, such as land transfer tax, which you pay in cash and which does not count toward your down payment.
Do I need mortgage insurance with less than 20% down?
Typically yes. If your down payment is less than 20% of the price, you will usually need mortgage loan insurance, and the premium is added to the mortgage. The Financial Consumer Agency of Canada states premiums range from 0.6% to 4.5% of the mortgage amount, depending on your down payment. This page does not calculate it; use the CMHC premium calculator.
Why does the minimum jump at $1.5 million?
The rule changes shape: below $1.5 million the percentage applies in bands, but at $1.5 million or more it is a flat 20% of the whole purchase price. A $1,499,999 home needs about $125,000, while a $1,500,000 home needs $300,000.
Does the savings timeline include interest?
No. It divides the amount still needed by your monthly saving and rounds up to a whole month. Interest or investment growth would shorten it; an FHSA can add tax-free room, see the FHSA calculator linked above.
Estimate only — not financial advice
This shows the federal minimum down payment rule only. Your lender may require more, and closing costs are separate. Confirm with your lender or mortgage broker.