Buyer Resource
Down Payment Requirements in British Columbia
Understanding how much you need to save is the first step to homeownership. Here's a clear breakdown of BC's down payment rules.
Minimum Down Payment by Purchase Price
Under $500,000
A $450,000 home → $22,500 down
$500,000 – $999,999
A $750,000 home → $50,000 down
$1,000,000+
A $1.2M home → $240,000 down
Mortgage Default Insurance
If your down payment is less than 20% of the purchase price, you'll need mortgage default insurance (commonly called CMHC insurance). This protects the lender if you default on your payments.
Insurance Premium Rates
The premium is added to your mortgage balance and paid over the life of the loan.
Where Can Your Down Payment Come From?
Personal Savings
Chequing accounts, savings accounts, and investment proceeds.
RRSP – Home Buyers' Plan
Withdraw up to $60,000 tax-free. Repay over 15 years.
First Home Savings Account
Save up to $40,000 with tax-deductible contributions.
Gift from Family
Immediate family can gift funds. Your lender will require a gift letter.
Proceeds from Property Sale
If selling an existing property, equity can fund your next down payment.
Secondary Financing
Some lenders allow borrowed funds with restrictions. Discuss with your broker.
Frequently Asked Questions
Ready to Start Saving for Your Home?
We'll connect you with trusted mortgage brokers who can help you understand your options and get pre-approved.