Video
How much do I need for a down payment in Calgary?
Kylian Pomares explains the minimum down payment for a Calgary home, with examples at $450,000 and $600,000, and when mortgage default insurance applies.
Transcript
How much do you need for a down payment on a home in Calgary? The minimum in Canada is 5% of the first $500,000 and 10% of the part between $500,000 and $1.5 million. At $1.5 million and above, you'll need 20% down.
So, a $450,000 home needs at least $22,500 down. A $600,000 home needs at least $35,000.
With less than 20% down, you'll also pay mortgage default insurance, usually added to the total of your mortgage. My first-time buyer's guide is linked below.
Read the full guide: Buying your first home
Also on YouTube.
