Ontario Home Buyer's Checklist - Download

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The Minimum Down Payment for a Home in Ontario

First-time home buyers in Ontario may go as low as 5%.
Usually a down payment on a house in Ontario ranges from
10% to 20% of the purchase price but can be more.

Conventional Ontario Mortgage

A mortgage loan that does not exceed 80% of the lending
value of the property. The lending value is typically the lesser
of the property’s purchase price and market value.



High-Ratio Ontario Mortgage

If your down payment is less than 20% of the purchase price,
you will typically need a high-ratio mortgage requiring mortgage
loan insurance. This premium may be added to your mortgage
or paid in full upon closing.