The minimum is $50,000 — about 6.7% of the price — because the tiered rules stack 5% on the first $500k and 10% on the next $250k. Below is the CMHC premium at the minimum and a 20%-down comparison. Try your own price in the down-payment calculator.
On a $750,000 home the minimum down payment is $50,000 (6.7%): 5% of the first $500,000 ($25,000) plus 10% of the next $250,000 ($25,000). That leaves a $700,000 mortgage at 93.3% loan-to-value, so the CMHC premium is 4.00% ≈ $28,000. To skip insurance you'd put $150,000 (20%) down.
Because $750,000 is above $500,000, the calculation stacks two tiers:
| Down payment | Amount | Mortgage | LTV | CMHC premium | Total mortgage |
|---|---|---|---|---|---|
| Minimum (6.7%) | $50,000 | $700,000 | 93.3% | 4.00% = $28,000 | $728,000 |
| 10% | $75,000 | $675,000 | 90% | 3.10% = $20,925 | $695,925 |
| 15% | $112,500 | $637,500 | 85% | 2.80% = $17,850 | $655,350 |
| 20% | $150,000 | $600,000 | 80% | Not required | $600,000 |
At $750,000, moving from the minimum to 20% down removes a $28,000 premium and shrinks the mortgage by $100,000 — a large monthly-payment and lifetime-interest difference. But $50,000 gets you in the door years sooner. Compare in 20% down vs less and estimate payments with our mortgage calculators.
Because the rules are tiered. Only the first $500,000 gets the 5% rate; the portion above $500,000 requires 10%. That's why the minimum is $50,000, not $37,500.
Yes. It's under the $1.5 million cap, so you can buy with less than 20% down plus mortgage default insurance.
Yes. First-time buyers can withdraw up to $60,000 each from an RRSP under the Home Buyers' Plan and use a First Home Savings Account toward the down payment.