How much do I need for a down payment?

According to the guidelines of the Canadian Mortgage and Housing Corporation (CMHC), one must have a minimum down payment of at least 5% of the total cost of the prospective property. With a down payment between 5 - 19.99%, one's mortgage is deemed "high-ratio". A high ratio mortgage is subject to a CMHC premium in accordance with the following schedule:

With a down payment of 20% or greater, the mortgage is deemed "conventional". A conventional mortgage is not subject to any CMHC fees. Thus, a larger down payment represents a two-fold advantage to the prospective homebuyer. First, the prospective homebuyer will avoid CMHC premiums with 20% down payment. Secondly, a larger down payment will relate into smaller monthly payments, or a shorter amortization; both of which lead to interest savings over the life of the mortgage.