No fee everyday banking
Set up direct deposit and skip the monthly fee. Free to open, and the Easy plan has no monthly fee. Worth doing if you will actually move your pay or your CRA deposits over, not if the card sits unused. Code BREMO2026.
See the exact minimum down payment for your target home price, closing costs, and how long it will take to save it all.
Saving for a down payment is the biggest financial challenge facing most first-time homebuyers in Canada. Understanding exactly how much you need — including minimum requirements, CMHC insurance, and closing costs — helps you build a realistic savings plan.
| Home Price | Minimum Down Payment | CMHC Insurance? |
|---|---|---|
| Under $500,000 | 5% of purchase price | Yes (required) |
| $500,000 – $999,999 | 5% on first $500K + 10% on remainder | Yes (required) |
| $1,000,000+ | 20% minimum | Not available |
| Any price (no CMHC) | 20%+ | Not required |
First-time buyers often focus exclusively on the down payment and are surprised by closing costs. Budget an additional 1.5–4% of the purchase price for:
KOHO's automatic savings rules transfer money to your goals every time you get paid or make a purchase. See your down payment progress grow in real time. Get $100 cash with code BREMO2026.
Get $120 with KOHO →