Question: How much do I need for a down payment?
Answer: Typically, you will need at least 5% down on a home up to $500,000 to qualify for a CMHC insured mortgage. If the purchase price is higher than $500,000, you will need 5% on the first $500,000 and 10% on the balance of the purchase price after $500,000.
Purchase Price = $700,000
Down Payment = 5% of first $500,000 or $25,000
+ 10% of remaining $200,000 or $20,000
= Total Down Payment of $45,000