09/03/2026
Planning to buy a home in Surrey or anywhere in Canada, but think you need a full 20% down payment? Think again! 🏡✨
Many buyers believe saving 20% is mandatory, or that a flat 5% applies to the total purchase price. Here is how Canada’s minimum down payment rules actually work:
Homes under $500,000: Requires a minimum of 5% down.
Homes between $500,000 and $1.5 million: Requires 5% on the first $500,000, plus 10% on the remaining portion above $500,000.
Homes over $1.5 million: Requires a full 20% down payment.
If your down payment is under 20%, your loan will require mortgage default insurance. The best part? You don’t need to pay this premium out-of-pocket right away it can be rolled directly into your mortgage loan!
Whether you’re a first-time homebuyer or looking to move up in the market, don't let down payment confusion hold you back. Connect with Shubha Chaudhury (The Mortgage Queen) at Keyways Mortgage to explore your options today! 📲 778-862-4687
(Minimum down payment rules Canada
How to buy a home in Surrey with less than 20 percent down
Canadian mortgage down payment tier breakdown
CMHC insurance added to mortgage balance
First time home buyer down payment requirements BC)
