Mortgages Resource Centre

Learn everything you need to know—and how to save up for your new house.
CIBC Sep. 04, 2024 5 minutes-minute read
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Minimum down payment requirements

Down payment amounts

 

Home price
$450,000 $850,000 $1,500,000
First $500,000 x 5%
$22,500
$25,000
N/A
More than $500,000 and less than
$1,000,000 x 10%

N/A
$35,000
N/A
More than $1,000,000 x 20%
N/A
N/A
$300,000
Total down payment
$22,500
$60,000
$300,000

Your down payment affects the type of mortgage you get

How to save for your down payment


Explore additional savings programs for your down payment

Borrow from yourself

Investigate community programs

Save up to $40,000 tax-free with the First Home Savings Account

Frequently asked questions

Learn more about mortgages