Minimum Down Payment on a Home: Updated for New 2024 CMHC Requirements

As of December 15, 2024 the CMHC insured mortgage amounts and requirements have changed. I've put together a handy chart for all the first-time buyers who continue to ask what the minimum amount they would need to put down a a specific property, Enjoy, Share, Learn!

CMHC NEW down payment requirements: 5% down on a property up to $500,000, and 10% down on the amount above $500,000 up to $1,499,999.

Remember: Deposit comes BEFORE down payment, but both combine to make up your total down payment on closing.

Minimum Down payments required:

$700,000 = $45,000

$800,000 = $55,000

$900,000 = $65,000

$1,000,000 = $75,000

$1,100,000 = $85,000

$1,200,000 = $95,000

$1,300,000 = $105,000

$1,400,000 = $115,000

*Note, the minimum acceptable credit score accepted by CMHC insurance is 600, however, 650 is considered a 'fair' credit score, so work on improving your credit before you get pre-approved for a mortgage, it takes a couple of months to see changes in your score.