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Minimum Down Payment requirements

Less Than $500,000 Homes

If you’re purchasing a house for less than $500,000, the minimum down payment is 5%.

Homes Between $500,000 - $999,999

If the house purchase price is between $500,000 and $999,999 then the minimum down payment is: - 5% on the first $500,000 - + 10% on the remaining amount over the $500,000

Over 1 Million $ Homes

If the purchase price is $1 Million or more, the minimum down payment amount is 20%.

First time buyer

RRSP Withdrawals

The Government of Canada has set the Home Buyers’ Plan withdrawal limit to $25,000 per person for withdrawals to provide first-time homebuyers with greater access to their RRSP savings to purchase or build a home. You have 15 years to repay the amount you withdrew from your RRSP.*

$5000 Income Tax Credit

To assist first-time homebuyers with the costs associated with the purchase of a home, the Government of Canada introduced a FTHB Tax Credit — a $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009. For an eligible individual,* the credit will provide up to $750 in federal tax relief.

Land Transfer Tax Refund

Depending on your province, a land transfer tax refund may be available for first time home buyers.

*To obtain more information on the First-Time Home Buyers’ Tax Credit and the Home Buyers’ Plan visit

If you have any questions, don't hesitate!

As an Accredited Mortgage Professional, my objective is to understand your situation, help you plan for the future and structure your financing by offering flexibility, savings and diversifying your risk.