Is my down payment enough?

The minimum depends on the purchase price and the mortgage rules in effect. For eligible insured purchases, the calculation uses graduated minimum percentages, while homes outside insured-mortgage limits generally require at least 20% down.

A down payment of at least 20% generally allows the mortgage to be treated as conventional and avoids mortgage default insurance. Other lender and qualification rules still apply.

Multiply the applicable portion of the purchase price by 5%. For homes above the first minimum-down-payment tier, additional portions can require a higher percentage, so the calculator applies the Canadian graduated formula where relevant.

Yes, eligible first-time buyers can purchase many homes with less than 20% down if they meet insured-mortgage requirements. Mortgage default insurance will generally apply.

Yes. A larger down payment reduces the amount financed, which normally lowers the mortgage payment and total interest. It may also reduce or eliminate mortgage default insurance.