For an average Saint John home (about $320,000), the minimum down payment is roughly $16,000, or $64,000 to put 20% down and skip mortgage insurance.
The minimum down payment for an average Saint John home ($320,000) is about $16,000 in 2026 — 5% on the first $500,000 and 10% on the portion above. Putting 20% down ($64,000) avoids CMHC insurance. Illustrative, not advice.
| Scenario | Down payment |
|---|---|
| Minimum (insured) | $16,000 (5.0%) |
| 10% down | $32,000 |
| 20% down (no insurance) | $64,000 |
Under 20%% down you also pay CMHC mortgage-default insurance (about 4.00%% of the mortgage at 5%% down). Learn more on the CMHC insurance calculator and down payment guide.
An Atlantic value market where detached homes remain highly affordable. Remember the down payment is only part of the upfront cost — budget for land transfer tax and legal fees too. See land transfer tax by province.
About $16,000 on an average Saint John home — 5% on the first $500k, 10% above (illustrative).
No — you can buy with as little as 5%%, but under 20%% you pay CMHC mortgage-default insurance.