The down payment is the first hurdle for any buyer. In Quebec in 2026, CMHC and OSFI rules determine the minimum amount based on the purchase price. Here’s the exact calculation, tier by tier, with strategies to get there faster.
1. Rules by price tier
The Office of the Superintendent of Financial Institutions (OSFI) and the Canada Mortgage and Housing Corporation (CMHC) set three minimum down payment tiers:
Up to $500,000
Minimum down payment of 5% of the purchase price. CMHC mortgage insurance is mandatory.
$500,001 to $1,499,999
5% on the first $500,000 + 10% on the portion above $500,000. CMHC insurance is mandatory.
$1,500,000 and above
Minimum down payment of 20%. No mortgage insurance is available at this price point.
For properties between $500,000 and $1,500,000, the formula is: Down payment = ($500,000 × 5%) + ((price − $500,000) × 10%).
2. Quick calculation table
Here is the minimum down payment based on your property’s purchase price in Quebec in 2026:
| Purchase price | Minimum down payment | Ratio |
|---|---|---|
| $300,000 | $15,000 | 5.0% |
| $400,000 | $20,000 | 5.0% |
| $500,000 | $25,000 | 5.0% |
| $550,000 | $30,000 | 5.5% |
| $600,000 | $35,000 | 5.8% |
| $750,000 | $50,000 | 6.7% |
| $1,000,000 | $75,000 | 7.5% |
| $1,500,000 | $300,000 | 20.0% |
Calculation example: $550,000 purchase
• First $500,000 × 5% = $25,000
• Excess portion: $550,000 − $500,000 = $50,000
• $50,000 × 10% = $5,000
• Total down payment: $25,000 + $5,000 = $30,000
For a $550,000 purchase, the minimum down payment is $30,000, or 5.5% of the purchase price. CMHC insurance will be mandatory.
4. FHSA + HBP combined
The federal government offers two combinable programs to build your down payment:
FHSA — up to $40,000
First Home Savings Account. Maximum contribution of $8,000/year, tax-deductible. Tax-free withdrawal for a home purchase.
HBP — up to $60,000 per person
Home Buyers’ Plan. Withdraw from your RRSPs tax-free. Repayment over 15 years.
As a couple — up to $200,000
Each partner can use their own FHSA ($40,000) and HBP ($60,000), for a combined total of $200,000.
For a detailed guide on combining the FHSA and HBP, read our specialized FHSA and HBP 2026 article.
5. Accumulation strategies
Beyond the FHSA and HBP, several strategies can accelerate your down payment savings: a tight budget with automatic savings, a family gift (gift letter required by the lender), or a gift-loan from a family member.
Targeting 20% down eliminates the CMHC premium and reduces your monthly payments. On a $550,000 purchase, the difference between 5.5% and 20% down represents a savings of $20,800 in insurance premium.
A mortgage broker can evaluate your situation and recommend the best strategy based on your savings capacity and purchase timeline.
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