08/08/2026
🏠 FIRST-TIME HOME BUYER — EPISODE 1
💰 HOW MUCH DOWN PAYMENT DO YOU ACTUALLY NEED?
You do NOT automatically need 20% down to buy a home in Canada.
For an owner-occupied home, the current minimum down payment rules are:
🏡 $500,000 or less
→ 5% minimum
🏡 $500,000–$1.5 million
→ 5% on the first $500,000
→ 10% on the portion above $500,000
🏡 $1.5 million or more
→ 20% minimum
Here's what that looks like:
$500K home → $25K minimum down
$600K home → $35K minimum down
$750K home → $50K minimum down
$1M home → $75K minimum down
If your down payment is less than 20%, mortgage loan insurance will typically be required.
And remember: your down payment isn't necessarily the only cash you'll need. Closing costs and other purchase expenses also need to be planned.
📍 Kitchener • Waterloo • Cambridge
This is Episode 1 of my First-Time Home Buyer series.
Follow along — I'll break down the questions I hear most often from first-time buyers.
Nav Vohra | 6479977735
