Mortgage rules in Ontario

Mortgage basics — Ontario

Verified Sep 29, 2026

We checked this against the source on Sep 29, 2026.

What does this mean?

The minimum down payment is 5% of the purchase price for homes $500,000 or less.

Conditions: mortgage loan insurance required if down payment under 20%; higher rates for homes above $500,000

For city: Toronto

For a home priced at $500,000 or less, the smallest down payment allowed is 5% of the purchase price.

Source

Saving for a down payment and closing costs - Canada.ca(opens in new tab) canada.ca

Quote

$500,000 or less 5% of the purchase price

Verbatim from the source, in the original language

Retrieved

Sep 29, 2026 — when we fetched the source page

Verified

Sep 29, 2026— when the quote and figures were checked against the source

Next verification

Dec 28, 2026

Plain-language summary — not the legal text; see the quoted source.

Source: "Saving for a down payment and closing costs - Canada.ca", https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html. Copy of the version at this link; not affiliated with the Government of Canada.

This is information, not advice. This site does not provide investment, mortgage, tax, or legal advice, does not appraise any property, and does not recommend provinces, properties, or professionals. Before making a decision, consult a licensed professional.

We are not a mortgage broker and do not advise on any specific mortgage.

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