Down Payment Options: 5%, 10%, or 20% in 2026?

Understanding Your Down Payment Options

When families talk to me about buying a home, the first big question is usually about down payment options. Many people believe they need 20 percent down to buy a home. That is not always true. In Canada, you can often buy with as little as 5 percent down. The real question is not just how much you can put down, but what makes sense for your life and your goals.

Down Payment Options: What 5% Really Means

A 5 percent down payment is common for first-time buyers. It helps families get into the market sooner. The upside is that you need less cash saved. The downside is that your mortgage payment will be higher, and you must pay mortgage insurance. For many young families, this option works well because it allows them to stop renting and start building equity sooner.

Is 10% a Smart Middle Ground?

Ten percent down is a balance between risk and comfort. Your mortgage payment will be lower than with 5 percent down, and you still do not need to wait years to save a full 20 percent. I often see this option work well for families who have been saving for a while but do not want to empty their savings account.

When 20% Down Makes Sense

Putting 20 percent down removes the need for mortgage insurance. It lowers your monthly payment and can give you more flexibility with lenders. But waiting to save 20 percent can take time. During that time, home prices may rise. Sometimes getting into the market earlier with a smaller down payment can make more sense than waiting.

Choosing the Right Down Payment Options for You

The best down payment options depend on your income, debt, savings, and comfort level. Buying a home should not leave you stressed every month. I always tell clients that the right decision is the one that fits your full life — groceries, kids’ sports, fuel, and savings included.

If you are thinking about buying in 2026 and want to understand your down payment options, let’s sit down and look at the numbers together. There is no pressure, just a clear plan that fits your family.

Call or text me anytime at 204-381-4779.
Where clients become friends — and plans feel simple.