Your Down Payment Options

Minimal Acceptable Down Payment 

on a House in Ontario

Your down payment is the portion of the home price that is not financed by the mortgage loan.

Option 1 - Conventional Ontario Mortgage

A mortgage loan that does not exceed 80% of the lending value of the property. The lending value is typically the lesser of the property’s purchase price and market value. Your down payment must be least 20% of the purchase price or market value.

Option 2 - High-Ratio Ontario Mortgage

If your down payment is less than 20% of the purchase price, you will typically need a high-ratio mortgage requiring mortgage loan insurance. This premium may be added to your mortgage or paid in full upon closing.

The Minimum Down Payment for a Home in Ontario

First-time home buyers in Ontario may go as low as 5%. Usually a down payment on a house in Ontario ranges from 10% to 20% of the purchase price but can be more.