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Our response:

For all home buyers, the minimum down payment for a home with a purchase price of $1,000,000 or less is 5% for the first $500,000 and 10% for any amount between $500,001 and $999,999. If the purchase price is $1,000,000 or more, a minimum 20% down payment is required. Different rules may apply if you are purchasing a second property.

Please note that mortgage approval is dependent on many factors and some lenders may require a down payment above than the minimum in order to qualify. Also, if your down payment is less than 20%, you are required to buy mortgage default insurance.

We have additional resources on home buying and real estate investing that you may be invested in. You may also visit the Financial Consumer Agency of Canada webpage on the minimum down payment.