I have money set aside: how expensive a home can I buy? Your numbers are not saved in a file: the calculation runs in your browser.
Not yet enough for a realistic down payment
Enter your savings to see the result.
Why $1,499,000? At $1.5M and up, the down payment rises to 20% ($300,000). You would need about $322,500.
Rough estimate. Every situation is different: your lender looks at your income, your debts, your credit and the property. Actual costs (welcome tax, notary) also vary. Always check with your financial advisor or a mortgage broker before making an offer.
Based on your savings only: your income matters too.
| Minimum down payment at this price | |
| Reserve required by lenders (1.5%) | |
| Minimum to have set aside | |
| Left over from your savings |
No CMHC insurance: with 20% down, the mortgage does not need to be insured.
| Purchase price | Minimum down payment | Savings needed (with the 1.5% reserve) |
|---|---|---|
| Up to $500,000(your case) | 5% of the price | up to $32,500 |
| $500,000 to $1,499,999(your case) | 5% of the first $500,000 + 10% of the rest | $32,500 to ≈ $147,500 |
| $1,500,000 and up(your case) | 20% of the price (no CMHC insurance) | $322,500 and up |
| Under $1,500,000(your case) | 10% of the price | up to ≈ $172,500 |
| $1,500,000 and up(your case) | 20% of the price (no CMHC insurance) | $322,500 and up |
| Any price(your case) | 20% of the price | 21.5% of the price |
The higher the price, the more down payment each dollar requires (5%, then 10%). At $1.5M, CMHC insurance is no longer available: the down payment jumps from about $125,000 to $300,000. So with savings between ≈ $147,500 and $322,500, the highest price stays just under $1.5M.
For a triplex or fourplex you will live in, the minimum down payment is 10% of the price. At $1.5M, CMHC insurance is no longer available and the down payment rises to 20%: with savings between ≈ $172,500 and $322,500, the price stays just under $1.5M.
If you won’t live in the property (a rental purchase), the minimum down payment is 20% of the price, at any price, with no CMHC insurance. With the 1.5% reserve, you need savings equal to 21.5% of the price.
Rules in effect in November 2026, according to the Financial Consumer Agency of Canada (FCAC), the Department of Finance Canada and CMHC. Lenders ask you to show a reserve of at least 1.5% of the price for closing costs (CMHC mentions 1.5% to 4% of the price). The premium is estimated with CMHC’s rates; other insurers may differ.
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