What's the minimum down payment on a $600,000 Ottawa home?

$35,000 — that's 5% of the first $500,000 ($25,000) plus 10% of the remaining $100,000 ($10,000).

Can my parents give me the down payment?

Yes. Lenders accept gifts from immediate family as long as there's a signed letter confirming the money isn't a loan. Keep a record of the transfer.

Do I need 20% down to buy in Ottawa?

No — that's only required above $1.5M. Below that, 5% is enough to qualify, and most first-time buyers here put down somewhere between 5% and 10%.

Can I use my TFSA for this?

Yes. TFSA withdrawals are tax-free with no special qualifying rules, so it pairs well as a flexible extra alongside your FHSA and RRSP savings.

How long does the money need to sit in my account first?

Lenders generally want to see it there for 90 days. If it arrived more recently, be ready to show where it came from — an FHSA or RRSP withdrawal, a sale, or a gift letter.

Can I borrow my down payment?

Some lenders technically allow it, but it works against you — the loan payments count toward your debt ratios and shrink what you can qualify for. Most buyers I work with avoid this route.

House keys and mortgage paperwork on a desk

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First Home in Ottawa

How Much Down Payment Do You Really Need?

By Bo Yu, Broker, Right at Home Realty, Brokerage

The down payment is usually the first number that scares people off — and it's often smaller than they assume. The legal minimum is lower than most buyers think, though the amount that actually makes sense for you is usually a bit more.

Here's what the rules require, what that looks like at real Ottawa prices, where the money can come from, and how to time it so it's sitting in cash on closing day.

Prices, rates, and program rules change often. Treat the figures here as general guidance, not advice for your specific situation. Ask Bo for current OREB comparables, and confirm program eligibility with your lender or lawyer.

The rules: how much is required by law

Canada sets minimum down payments as a percentage of the purchase price, and the percentage rises as the price does:

Up to $500,000: 5% of the price
$500,000–$1,500,000: 5% on the first $500K, plus 10% on everything above that
Above $1,500,000: 20% on the full price (mortgage insurance isn't available past this point)

Laptop with real estate listings and mortgage paperwork on a kitchen table — Planning a purchase, mortgage and closing from the kitchen table.

What that looks like at Ottawa prices

$450,000 (entry condo in Centretown or south Ottawa): minimum $22,500 (5%).

$600,000 (townhome in Barrhaven, Kanata, or Orléans): minimum $35,000 ($25K on the first $500K, plus $10K on the next $100K).

$750,000 (semi or smaller detached in Stittsville or Riverside South): minimum $50,000.

$900,000 (detached in Westboro, Kanata Lakes, or Half Moon Bay): minimum $65,000.

$1,200,000 (detached in the Glebe, Alta Vista, or Manotick): minimum $95,000.

$1,600,000 (executive home in Rockcliffe or Rothwell Heights): minimum $320,000 (the full 20% applies here).

A simple order for saving toward it

1. Open an FHSA now, even with nothing in it yet — the room only starts building once the account exists. 2. Send new savings there first; it's tax-deductible going in and tax-free coming out. 3. Once you've maxed that, use the RRSP Home Buyers' Plan as your next layer (up to $60K per person). 4. Keep a TFSA as your flexible top-up. 5. In the year before you buy, move everything into something stable — Ottawa closings won't wait for a bad market month to pass.

Young family at the front door of their new Ottawa home — First-time buyers stepping into their Ottawa home.

Where this money is allowed to come from

Lenders will accept: your own savings (FHSA, RRSP, TFSA, or a regular account), a gift from immediate family with a signed letter confirming it's not a loan, or proceeds from selling another property.

Whatever the source, the funds generally need to have sat in your account for 90 days before closing — otherwise you'll need paperwork showing where they came from. Underwriters do ask, so it's worth sorting out early.

If family is helping with a gift

About a third of the first-time buyers I work with in Ottawa get some help from family. Lenders are fine with gifts from parents, grandparents, or siblings, as long as there's a signed letter stating it's a gift, not a loan.

Keep the transfer documented. Underwriters trace gifted money back to whoever sent it, so a clean paper trail saves you a headache later.

Row of modern detached suburban homes in west Ottawa — Family-friendly suburbs like Kanata, Barrhaven and Stittsville.

Is putting down more than the minimum worth it?

Reaching 20% avoids mortgage default insurance (CMHC) and the 8% Ontario tax charged on that premium. But in a market that's still appreciating, spending an extra two years saving for 20% can end up costing more than the insurance would have.

A lot of Ottawa buyers land around 10–15%: enough equity to feel comfortable, a manageable insurance cost, and no long delay sitting on the sidelines.

Getting the timing right for closing

Your down payment needs to land in your lawyer's trust account a few business days before closing. FHSA and RRSP withdrawals can take 5–10 business days to process, so start that paperwork as soon as you're close to a firm deal — don't wait until the last minute.

I coordinate this timing with your lawyer and mortgage broker on every deal I'm part of, so nothing gets rushed.

Questions People Ask

A few common questions

What's the minimum down payment on a $600,000 Ottawa home?: $35,000 — that's 5% of the first $500,000 ($25,000) plus 10% of the remaining $100,000 ($10,000).
Can my parents give me the down payment?: Yes. Lenders accept gifts from immediate family as long as there's a signed letter confirming the money isn't a loan. Keep a record of the transfer.
Do I need 20% down to buy in Ottawa?: No — that's only required above $1.5M. Below that, 5% is enough to qualify, and most first-time buyers here put down somewhere between 5% and 10%.
Can I use my TFSA for this?: Yes. TFSA withdrawals are tax-free with no special qualifying rules, so it pairs well as a flexible extra alongside your FHSA and RRSP savings.
How long does the money need to sit in my account first?: Lenders generally want to see it there for 90 days. If it arrived more recently, be ready to show where it came from — an FHSA or RRSP withdrawal, a sale, or a gift letter.
Can I borrow my down payment?: Some lenders technically allow it, but it works against you — the loan payments count toward your debt ratios and shrink what you can qualify for. Most buyers I work with avoid this route.

Keep Reading

First-Time Home Buyer Ottawa

The complete first-time buyer playbook.

FHSA Ottawa Guide

Tax-free down-payment savings.

CMHC Insurance Guide

What you pay when you put less than 20% down.

Mortgage Pre-Approval Guide

Confirm your maximum purchase price.

Ottawa Closing Costs Guide

Cash beyond the down payment.

How to Buy Your First Home in Ottawa

The full step-by-step process.

Straight From the Source

Check the numbers yourself

These are the official sources I use for current Ottawa real estate data, government programs and buyer protection.

Want help mapping out your own down-payment number?

Tell me your target neighbourhoods and rough timeline, and I'll help you figure out how much to save and which accounts to use.

Get a down-payment plan

Any prices, rates, market figures or value estimates on this page are for general information only, based on the assumptions shown, and are not legal, tax, mortgage or financial advice or an offer of credit. Actual rates, payments, taxes, fees and values vary — confirm the numbers with your lender, lawyer or accountant before relying on them. Full disclosures.

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