Do you know what the minimum down payment is for a condo, a bungalow, a castle, etc?
Planiprêt | 06 April 2025
For the purchase of a condominium, house, or duplex with a value not exceeding $500,000, you must provide a minimum down payment of 5% to proceed with the purchase. If the property's value is between $500,000 and $999,999, the down payment will be 5% on the first $500,000 and 10% on the portion exceeding $500,000. If the property's value exceeds $1,000,000, the down payment is 20% of the purchase price. You must, of course, intend to live in this property.
Example 1: Purchase of a house valued at $450,000
- For a house valued at $450,000, you must provide a minimum down payment of 5%. This amounts to $22,500.
Example 2: Purchase of a duplex valued at $750,000
- For a duplex valued at $750,000, the down payment will be 5% on the first $500,000 (i.e., $25,000) and 10% on the portion exceeding $500,000 (i.e., $25,000). The total down payment will therefore be $50,000.
Example 3: Purchase of a triplex valued at $1,200,000
- For a triplex valued at $1,200,000, the down payment is 20% of the purchase price. This amounts to $240,000.
For a triplex or quadruplex with an owner-occupant, you must provide 10% of the amount in cash.
For a building with five or more units, the down payment is 15%. This property must also be insured by the Canada Mortgage and Housing Corporation (CMHC).
If you purchase a building with one to four units but do not live there, you must provide 20% of the sale price.
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