How much deposit do I need for a BC mortgage?

Direct answer

Canadian minimum down payments are set federally and apply across BC. For a property under $500,000 the minimum is 5% of the purchase price. Between $500,000 and $1,499,999 it is 5% on the first $500,000 plus 10% on the portion above. At $1,500,000 and above the minimum jumps to 20% — these "uninsured" mortgages cannot use CMHC default insurance. Effective December 15, 2024, the CMHC insurable cap was raised from $1,000,000 to $1,500,000, expanding the high-ratio market materially in Lower Mainland BC. Worked example on a $1.2M Burnaby townhouse: minimum down = 5% × $500K + 10% × $700K = $25K + $70K = $95K (about 7.9%). The DEPOSIT (the cheque the buyer writes when offers are accepted, typically 5% but negotiable) is separate from the down payment but counts toward it. CMHC, Sagen, and Canada Guaranty premiums apply to high-ratio mortgages (5–19.99% down): 4.00% of the loan for 5–9.99% down, scaling down to 2.80% at 15–19.99%. The premium can be financed into the mortgage but BC PST applies on the premium itself (7%, payable at closing).