A minimum down payment of 5% is required to purchase a home, subject to certain maximum price restrictions. In addition to the down payment, you must also be able to show that you can cover the applicable closing costs, such as legal fees and disbursements, appraisal fees (at True North Mortgage, we cover most appraisal fees) and a survey certificate, where applicable. Regardless of the amount of your down payment, at least 5% of it must be from your own cash resources or in the form of a gift from a family member. For non-residents and Newcomers to Canada, typically 10% down payment is required. This down payment cannot be borrowed. Lenders will generally accept a gift from a family member as an acceptable down payment, provided a letter stating it is a true gift, not a loan, is signed by the donor. Mortgages with less than 20% down must have mortgage loan insurance provided by either CMHC, Sagen or Canada Guaranty.