So, you're thinking of buying a home in BC, Canada and you're wondering how much money you'll require for your minimum down payment. Well, below are some general rules to get you started.

Canadians & Permanent Residents Working / Residing in Canada

Purchasing a Primary Residence

  • Purchase price of $500,000 or less: Minimum down payment is 5%
  • Purchase price between $500,001 and $999,999: Minimum down payment is 5% on the first $500,000 + 10% on the remainder
  • Purchase price of $1,000,000 or more: Minimum down payment of 20%


  • Buying a $400,000 home requires a $20,000 down payment
  • Buying a $700,000 home requires a  $45,000 down payment
  • Buying a $1,500,000 home requires a $300,000 down payment

Purchasing an Investment Property

Typically, a minimum of 20% is required but it depends on many factors.

Non-Resident Purchasers

Typically, the minimum down payment requirement is larger. It can be 35% or more but there are many factors to consider. Even if you are Canadian but earning and filing your income tax outside of Canada, you'd be considered a non-resident purchaser.

Minimum Down Payment for a Conventional Mortgage

The minimum mortgage down payment requirement for a conventional mortgage is 20%. If you have less, then your your mortgage is considered a high-ratio mortgage and will be insured (which will cost you a little extra).

Mortgage Rates & Calculator

View today's interest rates and check out our mortgage calculator to analyze your monthly mortgage payments.

Mortgage Professional Advice

Canadian mortgage requirements change often. Residency, citizenship, country in which income tax is filed, the type of real estate, and many other factors affect the minimum requirements. Therefore, we recommend discussing your situation and needs with a mortgage professional. If you'd like a few names, please let us know.

Please contact us if you have any questions. Thanks!

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