Can I Really Buy a Home in Toronto With Less Than 20% Down?
Spoiler: You probably can — and here’s how it works.
Let’s clear the air:
You do not need 20% down to buy a home in Toronto — no matter what your cousin’s barber’s accountant told you.
In fact, many first-time buyers in the GTA are purchasing homes with as little as 5% down.
Here’s how it breaks down:
💰 The Minimum Down Payment in Canada
The required down payment depends on the purchase price:
So if you’re looking at, say, a $700,000 condo:
First $500K = $25K down (5%)
Next $200K = $20K down (10%)
👉 Total = $45,000 down (not $140K+ like a full 20%)
🧠 But Wait — What About CMHC Insurance?
If you put less than 20% down, you’ll need mortgage default insurance (aka CMHC insurance).
It’s added to your mortgage and protects the lender, not you — but it allows you to buy sooner, with less upfront cash.
The premium depends on your down payment % — but it’s often worth it if it means getting in the market now
💡 Keys & Co Pro Tip:
We’ve helped clients buy with:
5–10% down payments
Gifted funds from parents
Cashback mortgages
First-time buyer incentives
Buying a home isn’t about hitting a magical 20%.
It’s about having the right team and a smart plan.
🔍 Still Not Sure Where You Stand?
No pressure. You don’t have to commit or even talk to a lender just yet.
But if you’re curious what your real buying power looks like — we can help you ballpark it, quietly, and with no obligations.
📲 Let’s Chat — or Just Browse
🏁 TL;DR
You don’t need 20% down (unless your home’s over $1M)
5–10% down is totally doable, especially for first-timers
We’ve got options and strategies to make it happen — stress-free
