Minimum Down Payment in Canada: What You Need at York Region Prices

The question: this came up in a r/PersonalFinanceCanada thread where first-time Ontario buyers sanity-checked their down payment. I have answered it for York Region buyers and renters, with sources below.

Short answer: the minimum is 5% of the first $500,000 and 10% of the portion from $500,000 up to $1.5 million. At $1.5 million or more, you need at least 20% down, because mortgage default insurance is not available (FCAC). With less than 20% down, you also pay a mortgage insurance premium.

Examples at York Region benchmark prices

Using TRREB's September 2026 benchmarks (TRREB):

• York Region condo apartment, $512,900: minimum about $26,290.
• York Region townhouse, $733,800: minimum about $48,380.
• Richmond Hill composite, $1,157,700: minimum about $90,770.
• York Region detached, $1,329,800: minimum about $107,980.
• King detached, $1,739,800: at least 20%, about $347,960.

Costs on top of the down payment

• Closing costs, which CMHC puts at 1.5% to 4% of the price (CMHC): land transfer tax, legal fees, title insurance and adjustments. My Understanding closing costs for Ontario homebuyers breaks these down.
• Mortgage insurance premium when you put down less than 20%. In Ontario, sales tax on the premium is paid at closing rather than added to the mortgage.
• Moving, utilities set-up and an emergency fund for repairs.

Where the down payment can come from

Savings, a gift from family (lenders usually want a signed gift letter), the FHSA and RRSP Home Buyers' Plan. Lenders typically ask to see where the money came from over the past few months.

Need a hand with this?

Call or text me at 647-667-5555. I work across Richmond Hill, Markham, Vaughan and the rest of York Region, in English and Persian (فارسی).

Related reading

• Understanding closing costs for Ontario homebuyers
• Ontario land transfer tax and the first-time buyer rebate in York Region
• First-time home buyer checklist for Richmond Hill and the GTA
• FHSA, RRSP and the Home Buyers' Plan

Sources

• Financial Consumer Agency of Canada, Down payment
• TRREB, MLS HPI tables, September 2026
• CMHC, Homebuying Step by Step

All sources accessed October 2026.

Farshad Fazaeli, International Realty Firm, Inc., Brokerage. Phone 647-667-5555. This article is general information, not legal, tax or mortgage advice. Market figures are board-wide summaries and are not an appraisal of any property. Not intended to solicit buyers or sellers already under contract with a brokerage.