In Canada, the minimum down payment is 5% on the first $500,000 and 10% on the portion above, with CMHC mortgage insurance required below 20% down. Buyers must also pass the federal stress test (qualifying at the higher of the contract rate + 2% or 5.25%). First-time buyers can use the FHSA/CELIAPP and the Home Buyers' Plan (HBP/RAP) toward a down payment.
Minimum down payment: 5% on first $500K, 10% on the portion above $500K.
CMHC mortgage insurance is required when the down payment is under 20%.
Stress test: qualify at the higher of (contract rate + 2%) or 5.25%.
FHSA/CELIAPP and HBP/RAP can fund part of a first-time buyer's down payment.
Lenders assess GDS (≤39%) and TDS (≤44%) debt-service ratios.