What is Down Payment in Canadian mortgages?
Upfront cash payment toward property purchase. Determines LTV and whether CMHC insurance is required.
What is the Down Payment limit for Canadian mortgages?
5% min (insured), 20% min (uninsured), 35% min (rental)
Down Payment example
Worked example
$650,000 purchase with 20% down = $130,000 down, $520,000 mortgage.