What is the minimum downpayment I can make on a new home?
A The minimum amount you can use as a downpayment is typically 5%. You should be aware that, when the downpayment is less than 10%, maximum home prices based on geographical locations apply. A mortgage amount exceeding 75% of the purchase price is known as a high-ratio mortgage; high-ratio mortgages must be insured against default by an insurer such as GE Capital Mortgage Insurance Canada or Canada Mortgage and Housing Corporation.
