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How to Save for a Down Payment in These Canadian Provinces

The first step in your journey to becoming a homeowner is to get the money together for a down payment. In Canada, the minimum down payment you’ll need depends on how much the property costs. If it’s $500,000 or less, you need 5 percent of the purchase price. For over $500,000 and up to $999,999, you need 5 percent of $500,000 – that’s $25,000 – and an additional 10 percent of the portion of the price above $500,000. For a purchase price of $1 million or more, you need 20 percent. And these are just the minimums. If you’re self-employed or if you have a poor credit record, the lender may require a bigger down payment.

Considering that according to the Canadian Real Estate Association, the average house price in Canada in August 2022 was $637,673, which means an average minimum down payment of $25,000 plus 10 percent of $137,673, or $38,767 in total. Some people get that money as a gift from their parents, for instance, when they get married. Others inherit the funds or win the lottery or sell some stocks. Most of us, though, have to put away some money every month until we’ve saved up the amount.

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