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.
Down Payment & Savings Calculator
Target Down Payment
Remaining to Save
Time to Save
Minimum Down Payment Rules in Canada (2026)
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
The FHSA Advantage: The First Home Savings Account (FHSA) allows first-time buyers to contribute up to $8,000/year (max $40,000 lifetime) with tax deductions like an RRSP AND tax-free withdrawals like a TFSA. It's the most powerful tool for saving a down payment. If you're eligible, maximize it.
Saving for a Down Payment: Best Strategies
Open an FHSA immediately if eligible (first-time buyer) — tax deduction + tax-free growth is unbeatable
Use TFSA for down payment savings — tax-free growth, flexible withdrawal
Home Buyers' Plan (RRSP): First-time buyers can withdraw up to $35,000 from RRSP tax-free (must be repaid over 15 years)
Automate monthly transfers on payday before you can spend the money
Store in a High-Interest Savings Account (not invested in equities) — too much risk right before you need the money
Don't Forget Closing Costs
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:
Land transfer tax: Varies by province; Ontario and BC are highest
Legal fees: $1,500–$2,500
Home inspection: $400–$600
Title insurance: $200–$500
Adjustments: Property tax, utilities, condo fees prepaid by seller
Accelerate Your Down Payment Savings
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