What is the minimum down payment needed for a home? Is it the same if I am only buying a condo versus a house?

Posted by under Buying a Home


With the changes from CMHC, the minimum amount of your downpayment depends on your employment situation and purpose of the purchase.

For example, self employed people need to put down a minimum of 10%. If you are buying for the purposes of renting out the condo and not living in the property, you need a minimum of 20%. If you are fully employed and not self employed and plan to live in the property as your principle residence you need 5%.

The downpayment amount does not depend on whether the property is a house or condo.

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