{"id":70189,"date":"2024-10-24T03:00:00","date_gmt":"2024-10-24T10:00:00","guid":{"rendered":"https:\/\/www.nerdwallet.com\/ca\/?page_id=70189"},"modified":"2025-02-26T06:38:56","modified_gmt":"2025-02-26T14:38:56","slug":"monthly-down-payment-monitor","status":"publish","type":"page","link":"https:\/\/www.nerdwallet.com\/ca\/mortgages\/monthly-down-payment-monitor","title":{"rendered":"Monthly Down Payment Monitor: February 2025"},"content":{"rendered":"\n

When mortgage rates<\/a> are all anyone talks about, it can be easy to forget just how important a down payment is to home buying success. <\/p>\n\n\n\n

Even when rates were at historic lows, you would have been left out of the feeding frenzy if your down payment savings fell short of the required minimums. <\/p>\n\n\n\n

That\u2019s why NerdWallet developed our Monthly Down Payment Monitor: to help Canadian home buyers understand how much they might need to save in order to get approved for a mortgage<\/a>. <\/p>\n\n\n\n

Unlike interest rates, your down payment is something you can control. Once you have an idea of how much to save, you can build a savings strategy around that target amount.<\/p>\n\n\n\n

Every dollar you put away literally gets you closer to owning your own home.<\/p>\n\n\n\n

Down payment requirements in Canada: February 2025<\/h2>\n\n\n\n

The information in the following table is based on Canada\u2019s minimum down payment guidelines and the average sale prices for January 2024 provided by provincial real estate associations. (New Brunswick was omitted because its provincial average price wasn\u2019t publicly available prior to publishing.) <\/em><\/p>\n\n\n\n

<\/th>Average Sale Price \u2014
January 2024<\/th>		Minimum Down Payment Required<\/th>20% Down Payment<\/th><\/tr><\/thead>
B.C.<\/strong><\/td>$949,560<\/td>$69,956<\/td>$189,912<\/td><\/tr>
Alberta<\/strong><\/td>$503,078<\/td>$25,308<\/td>$100,616<\/td><\/tr>
Saskatchewan<\/strong><\/td>$310,521<\/td>$15,526<\/td>$62,104<\/td><\/tr>
Manitoba<\/strong><\/td>$351,128<\/td>$17,556<\/td>$70,226<\/td><\/tr>
Ontario<\/strong><\/td>$834,050<\/td>$58,405<\/td>$166,810<\/td><\/tr>
Quebec<\/strong><\/td>$511,879<\/td>$26,188<\/td>$102,376<\/td><\/tr>
New Brunswick<\/strong><\/td>N\/A<\/td>N\/A<\/td>N\/A<\/td><\/tr>
Nova Scotia<\/strong><\/td>$449,312<\/td>$22,466<\/td>$89,862<\/td><\/tr>
PEI<\/strong><\/td>$397,083<\/td>$19,854<\/td>$79,417<\/td><\/tr>
Newfoundland<\/strong><\/td>$335,448<\/td>$16,772<\/td>$67,090<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Regional highlight: Ontario<\/h2>\n\n\n\n

Ontario\u2019s housing market got off to a slow start this year, but that hasn\u2019t translated into softer prices or lighter down payment burdens for the province\u2019s home buyers.<\/p>\n\n\n\n

Greater Toronto:<\/strong><\/h3>\n\n\n\n