The minimum down payment required to buy a home in Ontario is 5% of the purchase price for homes up to $500,000, with a sliding scale that applies for higher-priced properties. Here is exactly how it breaks down under current Canadian mortgage rules:

• Homes up to $500,000 — minimum 5% down payment.
• Homes between $500,000 and $1,499,999 — 5% on the first $500,000, plus 10% on the portion above $500,000. As of late 2024, CMHC insurance eligibility was extended to properties up to $1.5 million.
• Homes $1,500,000 and over — minimum 20% down payment. CMHC mortgage insurance is not available at this price point.
• CMHC mortgage loan insurance — if your down payment is less than 20%, CMHC mortgage insurance is required and added directly to your mortgage. The premium ranges from 2.8% to 4% of the mortgage amount depending on your down payment. Use the CMHC Mortgage Insurance Premium Calculator to estimate your cost.

In Milton and the broader Halton Region — where average home prices have historically sat above $800,000 — many buyers are working with the sliding scale, meaning a down payment of $55,000 or more on a typical purchase. First-time buyers should also explore the First Home Savings Account (FHSA) and the Home Buyers' Plan (HBP) through an RRSP, both of which can significantly accelerate your down payment savings.

Flowers Team Real Estate, having guided over 3,000 families through their home purchases since 2001, walks every buyer through the full financial picture before beginning their search. Reach out today and we'll connect you with our mortgage partners to map out your strategy.