The minimum is $25,000 — 5% of the price. Below we break down the CMHC premium at 5% down and compare it to putting 20% down. Run your own numbers in the down-payment calculator or the CMHC insurance calculator.
On a $500,000 home the minimum down payment is $25,000 (5%). That leaves a $475,000 mortgage at 95% loan-to-value, so the CMHC premium is 4.00% ≈ $19,000 (added to the loan). To skip insurance entirely you'd put $100,000 (20%) down.
A $500,000 home sits exactly at the top of the 5% band, so the whole price qualifies for 5%:
| Down payment | Amount | Mortgage | LTV | CMHC premium | Total mortgage |
|---|---|---|---|---|---|
| 5% (minimum) | $25,000 | $475,000 | 95% | 4.00% = $19,000 | $494,000 |
| 10% | $50,000 | $450,000 | 90% | 3.10% = $13,950 | $463,950 |
| 15% | $75,000 | $425,000 | 85% | 2.80% = $11,900 | $436,900 |
| 20% | $100,000 | $400,000 | 80% | Not required | $400,000 |
A bigger down payment cuts both the mortgage and the premium, so it compounds into real interest savings over the amortization. But 5% down gets you in sooner. Weigh the trade-off in 20% down vs less, and estimate the monthly cost with our mortgage payment calculator.
Yes. It's well under the $1.5 million cap, so you can buy it with as little as 5% down plus mortgage default insurance.
On an insured mortgage, 30-year amortizations are available to first-time buyers and buyers of new builds since December 15, 2024. A 30-year term adds a 0.20% surcharge to the premium.
At least the $25,000 down payment, plus closing costs (land transfer tax, legal, inspection) and any provincial sales tax on the premium. Budget beyond the down payment.