The amount you need for a down payment depends on the price of the home and your financial situation. In Canada, the minimum down payment depends on the price of the home. For homes up to $500,000, the minimum down payment is 5%. For homes priced between $500,000 and $1,000,000, you’ll need 5% for the first $500,000 and 10% for the portion above that. For homes over $1,000,000, a 20% down payment is required. A larger down payment can lower your mortgage payments and may help you avoid mortgage insurance costs. We’re here to help you evaluate your financial situation and determine the best budget for your down payment.