Since the law changed in October 2016, the minimum cash down payment to purchase a house, condo or duplex valued at less than $500,000 is 5%. When the price is higher than $500,000 but lower than $999,999, you must put down 5% for the first portion of $500,000 and 10% cash for the exceeding portion. For example, a property valued at $1,000,000, would require a 5% down payment for the first $500,000 and a 10% down for the remaining $500,000, giving you a total cash down payment of $75,000. You must of course plan on occupying the property. For properties valued at more than $1,000,000, then you must put down 20% of the price.
A 10% down payment is required for an owner-occupied triplex or fourplex.
A 15% down payment is needed for a fiveplex or greater, which will be insured by the CMHC.
If you are buying a one to four-door property that is not owner-occupied (i.e. for purely rental purposes) a 20% down payment is needed.
For more information, please contact me by phone or e-mail. You can also make an online application.