In order to get a conventional mortgage, you will need 20% of the purchase price. For instance, if you’re buying a property valued at $300,000, the down payment required would be $60,000.
However, you can buy a home with as little as 5% down, but you will need insurance from the Canada Mortgage and Housing Corporation which can range from 1% to 3.5% of the principal amount of your mortgage.
A larger down payment means greater savings.
The money you pay up-front for a house is the down payment. The source of money for your down payment is often either your savings or the net proceeds from the sale of a home you already own.
The larger your down payment, the more you save in the long run. A larger down payment:
- Reduces the amount of your monthly principal and interest payment
- Reduces the total amount of interest you pay over the life of your mortgage
Click here for the full document