Your first home, without the guesswork.

The minimum is 5% of the first $500,000 and 10% of the portion between $500,000 and $1.5M. On a $600,000 home that is $25,000 plus $10,000, or $35,000. With less than 20% down, mortgage default insurance is required and its premium is added to the loan.

Your down payment must come from your own savings, a gift from an immediate family member, or eligible registered accounts, and lenders usually want to see 90 days of history.

• FHSA: contribute up to $8,000 a year and $40,000 in total. Contributions are tax-deductible and qualifying withdrawals for a first home are tax-free.
• RRSP Home Buyers' Plan: withdraw up to $60,000 per person, repaid to your RRSP over 15 years.
• Gifts: accepted from immediate family with a signed gift letter and proof that the funds are in your account.

A couple using both the FHSA and the RRSP plan can build a significant down payment. The order and timing of withdrawals matters, so plan it before you sign an offer.

• Welcome tax (property transfer duties), billed by the municipality a few months after closing
• Notary fees for the deed of sale and the mortgage deed
• Home inspection before you remove your conditions
• Quebec sales tax of 9% on the mortgage insurance premium, paid at closing
• Home insurance, moving costs and tax adjustments with the seller

A common rule of thumb is to keep 1.5% to 3% of the price aside for closing costs. Lenders ask to see that you have it.