Minimum Down Payment Ontario. Exact Requirements.

5% on the first $500,000 of purchase price, plus 10% on any portion above $500,000 (up to CMHC insured limits). For a $700,000 home: 5% of $500K ($25,000) + 10% of $200K ($20,000) = $45,000 minimum. Purchases above the CMHC insured limit require at least 20% down.

Not exactly. For a $700,000 purchase, minimum is 5% on the first $500,000 ($25,000) plus 10% on the next $200,000 ($20,000) = $45,000 minimum (6.43% of purchase price).

The First Home Savings Account allows first-time buyers to contribute up to $8,000/year (lifetime max $40,000), tax-deductible like an RRSP. Withdrawals for a qualifying first home purchase are completely tax-free. A couple can accumulate $80,000 combined.

Yes. First-time buyers can use both: the FHSA (up to $40,000 per person, tax-free qualifying withdrawal) and the RRSP Home Buyers' Plan (up to $60,000 per person, repaid over 15 years). A couple can access up to $200,000 combined, though the HBP portion must be repaid.

Yes. Gift funds are accepted from immediate family members with proper documentation. The gift must be non-repayable and documented with a signed gift letter. Most lenders require the funds to be in your account for 30 to 90 days before closing.

CMHC mortgage default insurance is required if your down payment is less than 20%. The premium ranges from 0.60% to 4.00% of the mortgage amount. It's typically added to your mortgage and paid over the amortization period.

In addition to your down payment, budget for: Ontario land transfer tax (+ Toronto LTT if buying in Toronto), legal fees ($1,500 to $2,500), title insurance (~$300), home inspection ($400 to $600). First-time buyers qualify for Ontario LTT rebates up to $4,000.

Since December 15, 2024, 30-year amortization is available on insured mortgages for all first-time buyers and for buyers of new builds. Eligibility rules apply.