Down payment

On a $700,000 home the minimum down payment is $45,000 — 5% of the first $500,000 ($25,000) plus 10% of the next $200,000 ($20,000). Hitting 20% ($140,000) avoids default insurance entirely but is a far bigger cheque, so most first-time buyers go insured.

Lenders verify where the money came from. Savings, FHSA, RRSP Home Buyers' Plan, investments, and a documented gift from an immediate family member all qualify; unexplained large deposits don't. Build a 90-day paper trail before you apply.

More down isn't always better: putting exactly 20% down to dodge insurance can leave you cash-poor, while an insured 5–10% purchase keeps reserves for closing costs and emergencies. We model both so you choose with the real numbers in front of you.