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What is a mortgage down payment, and how much do I need?

Author: Keith Uthe Demystifying Mortgages |

A mortgage down payment is the initial amount you pay towards the purchase price of a property. The minimum down payment requirement in Canada is 5% of the purchase price for properties up to $500,000. For properties above $500,000, a 10% down payment is required on the portion exceeding $500,000. A higher down payment can reduce the amount you need to borrow and may affect mortgage insurance requirements.