In Canada, the amount you need for a down payment depends on the home’s purchase price. The federal government has established the following minimum down payment requirements based on the home’s purchase price: · For homes priced at $500,000 or less, a minimum of five per cent of the purchase price is required. · For homes priced between $501,000 and $999,999, a minimum of five per cent for the first $500,000 and 10 per cent for any amount over $500,000 is required. · For homes priced at $1 million or more, a minimum of 20 per cent of the purchase price is required. While these are the minimum requirements, saving beyond the minimum can provide benefits and ultimately save you money through lower monthly mortgage payments and less interest paid over the life of the loan.