Buying
Down payment and insurance
The legal minimum, the insurance premium attached to it, and what each 5% band changes.
Rates posted by Multi-Prêts Hypothèques — collected on September 9, 2026. Some conditions apply. Subject to change without prior notice. Rates may vary according to the amount borrowed, your credit rating, guarantees offered and other factor. Please refer to your Multi-Prêts broker for more information.
Unlocks 30-year amortization on an insured loan, since 15 December 2024.
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These results are provided for illustration only. They apply the Canadian mortgage rules and the Quebec schedule in force, but they are not an offer of financing nor investment advice: the actual rate, amortization and terms depend on your file and on the lender chosen, and are subject to change. For a firm answer, talk to a broker.
Does that number work for you? A broker will confirm it with a real lender. In most files our compensation comes from the lender — if it were ever otherwise, your broker tells you before anything moves.
Schedule 2026 — Ministère des Finances du Canada (checked on 2026-08-25) · Société canadienne d’hypothèques et de logement (checked on 2026-08-25) · Revenu Québec (checked on 2026-08-25) · Agence du revenu du Canada (checked on 2026-08-25).
What the number does not tell you
The minimum down payment is not a single percentage: 5% up to $500,000, 10% on the band between $500,000 and $1.5M, and 20% above — past that threshold no insurance is available at all. A $700,000 home therefore requires $45,000, not $35,000. It is the most common arithmetic mistake among first-time buyers.
Below 20%, insurance is mandatory and its premium is added to the amount borrowed. In Quebec the 9% tax on that premium cannot be financed: it is paid in cash at the notary, on top of the down payment. Going from 15% to 20% removes the premium entirely — often the best return available on the last few thousand dollars saved.