(778) 668-9320 scott.dawson@verico.ca

The minimum down payment for a home purchase in Canada is 5%. To be eligible for a home purchase with a 5% down payment borrowers must intend to occupy the property either themselves or have it occupied by an immediate family member. No rentals are allowed under this program.

The maximum purchase price for a second home with a 5% down payment is $1,000,000.00 and the maximum amortization is 25 years.

What forms of Down Payment are allowed for a mortgage with 5% down payment?

Down payments can either come from you own savings, be a gifted mortgage down payment from immediate family member or borrowed*.

Have questions about buying your first home?

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*Terms & Conditions apply. Contact us for more information on borrowed down payments.