Well…it depends.

There are some minimums to placing a down payment and you’ll find them listed below.

Mortgages under $500k – 5%
Mortgages under $600k – 5.8%
Mortgages under $700k – 6.4%
Mortgages under $800k – 6.9%
Mortgages under $900k – 7.2%

Home purchases over $1M require a down payment of 20%.

Now, if you are putting a down payment of less than 20%, you will be required to have your home insured (e.g. through CMHC, Genworth or Canada Guaranty).

The larger the down payment, the bigger the savings in mortgage insurance premiums.  If you want to have an idea of what that might look like, head on over to the mortgage calculator. Simply enter your price and look for the ‘Mortgage Insurance’ field to see the associated cost.