Glossary · Buying and financing
Minimum down payment
In Canada the minimum down payment is 5% of the first $500,000 of the price and 10% of the portion from $500,000 to $1.5 million; homes at $1.5 million or more need at least 20% down.
On an $800,000 North Vancouver condo that works out to $25,000 plus $30,000, or $55,000. With less than 20% down the mortgage must carry default insurance, and the premium is usually added to the loan.
Most detached homes on the North Shore are above $1.5 million, so buyers there need 20% down, and the down payment has to come from your own resources or an eligible gift.
Buy vs. rent in North Vancouver →
Related terms
General information, not legal or tax advice. Rules change; confirm the current figures with the province or your notary or lawyer before relying on them.
