The nitty gritty on down payment

When purchasing your primary residence, the minimum down payment in Canada is 5% of the purchase price up to 500,000.00. If the purchase price is between 500,000.00 and 1,000,000.00, it is 5% on the first 500k and 10% on the remainder. For a purchase price over 1,000,000.00, you need at least 20% down payment and it can go up from there.

Down payment can come from a buyers own savings or gifted from a direct family member. When coming from a buyers own savings, the lender will require 90 days of bank statements showing sufficient funds for the down payment. When gifted funds are bein used, lenders require a signed gift letter and proof the money has been deposited into the buyers bank account.