Down Payment - How much do you need?

The minimum down payment to buy a home in Canada is 5% down whether you are a first time home buyer or a 10th time home buyer. So long as you are qualifying on income for an owner-occupied home, you are fine to put 5% down and have the loan approved through CMHC or another insurer. If you are planning to use a self-employment stated income program where you do not qualify on income, that program uses a minimum of 10% down. For rental properties, most lenders wish to see a 25% down payment. If you are planning to buy a home and need advice about how much to save for your down payment, call me today!