Tell us how you earn. We'll show you how to own.
Salaried, self-employed, driving Uber at night, on pension, or a mix of everything…
Real life isn't "perfect" on paper.
This page walks you through how lenders see your income and what that means for your minimum down payment.
Tip: Not a "forms" person? Book a call, tell us your story, and we'll do the math for you.
Choose the income bucket you live in
Lenders sort you into "buckets" based on how you get paid. Click the one that feels most like you. We'll show you the typical down payment and what paperwork you actually need.
Tip: If you're a mix of two or three, that's normal. Pick the main one and we'll untangle the rest together.
Minimum down payment by purchase price
These are the big-picture Canadian rules. Your file, your lender, and your program can tweak this a bit, but this gives you a solid starting point before we get into the details together.
Tip: If you send us a price range you're eyeing, we'll reply with the exact down payment number so you're not guessing.
| Purchase price | Minimum down payment | What this really means |
|---|---|---|
| $0 - $500,000 | 5% of purchase price | Entry point for many first-time buyers. Still very common in smaller markets or condos. |
| $500,001 - $1,499,999 | 5% of first $500K + 10% of rest | You can still put less than 20% down, but you'll have mortgage default insurance built into the payment. |
| $1,000,000+ | 20% of purchase price | Now you're in conventional territory. No default insurance, but the down payment has to be at least 20%. |
| Rental property | Usually 20% or more | Because it's an investment, lenders want more skin in the game and a strong application overall. |
| Self-employed programs | 10% - 20% | If you write off a lot of expenses, special self-employed programs can help, but they usually want a bigger down payment. |
| Foreign / non-resident | 35% or more | These are niche files. Expect a higher down payment and more documents, but they are absolutely doable with the right setup. |
Common down payment sources that lenders like
"Can I use this for my down payment?" is one of the biggest questions we get. Here are the most common, lender-friendly ways people put their down payment together.
Tip: If you're not sure whether something counts as "okay" money for down payment, screenshot it and send it to us. We'll tell you straight.
Savings / Chequing
The classic way.
Money you've saved up over time in your own accounts. We'll usually show the last 90 days of statements so the lender can see the money has been there and isn't borrowed from somewhere else.
RRSP - Home Buyers' Plan
Perfect for many first-time buyers.
You can pull from your RRSP for your first home and pay it back over time. It's a smart way to turn retirement savings into a front door, without permanent tax penalties if it's done correctly.
Gifted Funds
"Bank of Mom and Dad."
A lot of buyers get help from parents or close family. We'll prepare a gift letter and show the transfer landing in your account. Lenders treat it as a true gift, not a loan you have to secretly pay back.
Investment Accounts
Turning investments into bricks.
Non-registered investments can be sold to create your down payment. We simply connect the dots: statement → sale → money landing in your bank account.
HELOC on Another Property
Using equity you already built.
If you already own a property with equity, we can set up a line of credit and use that money for the new down payment. The new HELOC payment is added into your numbers so everything still fits.
Company Dividends / Bonuses
For incorporated business owners.
If you pay yourself through dividends or bonuses, that income can help build the down payment. We'll match your corporate paperwork, tax filings, and statements so the story is clear to the lender.
Before you fall in love with a listing…
This is the short list we walk through with clients before they start booking showings. It keeps your heart and your budget on the same page.
Tip: Take 10 minutes to do this list now, and you'll avoid a lot of "we loved it, but we can't afford it" later.
Want us to run the numbers with you?
Every file has a story. Our job is to make sure your income, your down payment, and your goals are presented properly so the lender says "yes" with confidence. We'll walk through it step by step, in plain language, with coffee if you like.
Tip: If you hate long forms, start with a call. We'll talk it out first, then only collect what we actually need.
Not ready to apply yet? No problem. We can just talk through where you're at now and what it would take to get you ready.
This page is general education only. Mortgage rules and lender programs change, and every file is unique. We'll always review your numbers and documents together before any final approvals.