Do you know what the minimum down payment is for a condo, a bungalow, a castle, etc?
Planiprêt
Apr 06, 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.
Sign up for our email alerts to stay updated with our blog! Feel free to share this article with your friends, colleagues, and family who might need it.
The content of this publication is exclusively copyrighted by Planiprêt Hypothèques – mortgage brokerage firm, which reserves all rights.
Request for submission 
Find a broker