Guide
Minimum down payment in BC: how much do you need?
The 5% and 10% tiers, the 20% line, and what it looks like at BC prices.
Short answer: In Canada you need 5% of the first $500,000, plus 10% of the part between $500,000 and $1,500,000. At $1,500,000 or more, you need 20% of the whole price.
Type your price and savings into the planner to see your minimum and the gap.
BC price examples
| Price | Minimum down | Share of price |
|---|---|---|
| $400,000 | $20,000 | 5% |
| $650,000 | $40,000 | 6.15% |
| $800,000 | $55,000 | 6.88% |
| $1,000,000 | $75,000 | 7.5% |
| $1,200,000 | $95,000 | 7.92% |
| $1,500,000 | $300,000 | 20% |
Numbers come from the same math our planner uses. Check yours there with your actual price.
How the tiers work
Take a $650,000 condo. The first $500,000 needs 5%, which is $25,000. The other $150,000 needs 10%, which is $15,000. Add them and the minimum is $40,000, about 6.15% of the price.
The tiers stop at $1,500,000. At that price and up, mortgage insurance isn’t available, so lenders need 20% of the whole price. That’s why $1,500,000 jumps to $300,000.
Less than 20% means insurance
Put down less than 20% and your lender will need mortgage loan insurance, usually through CMHC or a private insurer. The premium is a percentage of the loan and is usually added to the mortgage. Our CMHC insurance guide has the premium table and examples.
The down payment isn’t the whole cash bill
You’ll also need money for closing costs: legal fees, transfer tax, adjustments and the rest. FCAC suggests planning for 1.5% to 4% of the price. On a $650,000 condo that’s $9,750 to $26,000 on top of the down payment. The closing costs calculator gives a BC range.
Where the money can come from
- Savings and investments you own.
- Your FHSA, if you’re a first-time buyer. Tax-free and not repaid.
- Your RRSP through the Home Buyers’ Plan, up to $60,000 each.
Buying with someone
The minimum is based on the price, not on how many buyers there are. Two first-time buyers can each use an FHSA and each take up to $60,000 under the Home Buyers’ Plan, which adds up fast against a $55,000 minimum on an $800,000 townhouse.
You’ll also need to pass the mortgage stress test. Lenders check you can afford payments at the higher of 5.25% or your contract rate plus 2%.
Common questions
What’s the minimum down payment on a $1 million home in BC?
$75,000. That’s 5% of the first $500,000 ($25,000) plus 10% of the other $500,000 ($50,000).
Is the down payment rule different in BC?
No. The minimum is set federally and is the same across Canada. What’s different in BC is mostly the prices, the transfer tax and the first-time buyer exemptions.
Can I use my FHSA and RRSP for the down payment?
Yes. A qualifying FHSA withdrawal is tax-free and isn’t repaid, and the Home Buyers’ Plan lets you take up to $60,000 from your RRSP. You can use both for the same home.
Do I need 20% down?
Not under $1,500,000. Less than 20% means you need mortgage loan insurance, which adds a premium. At $1,500,000 or more, insured mortgages aren’t available and you need at least 20%.
Sources
- How much you need for a down payment, Financial Consumer Agency of Canada. Checked October 2026.
- Delivering the boldest mortgage reforms in decades (September 2024), Department of Finance Canada. Checked October 2026.
- Premium information for homeowner and small rental loans, CMHC. Checked October 2026.
- Preparing for a mortgage, Financial Consumer Agency of Canada. Checked October 2026.
- Buying a home, Financial Consumer Agency of Canada. Checked October 2026.
Same rules as the calculators. Rules last verified: . See how the calculators work.
Keep reading
Estimates only. Not tax, legal or financial advice.
Rough numbers, not a quote or a lender’s decision. Check with a lawyer or notary and your lender before you rely on them. See Disclosures and Methodology.