Canadian Home Down Payments Are Huge, With The Average In BC Hitting $160k

Canadian home prices are so giant, just the down payment is now prohibitively large. Data from mortgage tech firm shows the average down payment by province. Building on their proprietary data, they estimate the amount used as a down payment to buy. The firm found BC has the largest average of any province, coming in at a whopping $160k. Ontario wasn’t much further behind.

BC Home Buyers Leave The Largest Average Down Payment 

BC home buyers leave the largest down payment, both as a percent or in absolute dollar amounts. They estimate the average down payment to be 22.45% in the province these days. In dollar amounts using the average home price, this works out to $159,700 — an astronomical number. 

We know what you’re thinking, “who can save that much?” Since this is our territory, we can provide a little more context that will make it easier to get. Only 10% of homes in BC are purchased by first-time home buyers.

That leaves around 90% of buyers likely using their home equity to support the purchase. They didn’t save it, they traded up.

Canadian Average Down Payment For An Existing-Home

The average down payment made for an exisitng home purchase in Canada, by province. In percentage points.

Source:; Better Dwelling.

Ontario Home Buyers Leave An Average of $140k Down

Ontario down payments are also a mind boggling amount. The average borrower puts down 20.35% of the purchase price, making the average $140,200. Some of you are probably old enough to remember when you could buy a whole house in Ontario for that price. Which makes you at least 2 years old. 

The firm also provided data for three other provinces. Nova Scotia (18.54%), Alberta (15.15%), and Quebec (14.68%) all came in under 20% down payments. The average in these three provinces is about ~$60k, which is more attainable. However, that number also means you’ll need to pay for an insured mortgage.

Canadian Average Down Payment For An Existing-Home

The average down payment made for an exisitng home purchase in Canada, by province. In Canadian dollars.

Source:; Better Dwelling.

Homebuyers are using very large down payments to secure their new homes. The average tends to skew the entry point a little to the high end though. Since first-time buyers leave less cash, the entry point is a little lower. Still, down payments are prohibitively expensive for anyone without an account at the Bank of Mom & Dad.

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  • Tom Wolfe 1 year ago

    You remember the spa service lady at that nice resort in the islands? The one who spoke English really well even though it is her second or third language, she was intelligent, and personable, and she spoke about the rich tourists with unimaginable sums of money? That’s you, Canadian. Welcome to our new, shared, and second class reality.

    The bank of Mom & Dad is past generations transferring their wealth – or debt, more likely – to the next generation in a desperate effort to survive in a crumbling economy.

  • Kolf 1 year ago

    Hhmmmmm, 160k for a downpayment is not huge. Its kinda typical if you are in one of the big cities…

  • Dee 1 year ago

    I was asking someone who lived in Toronto if they would ever consider moving right across the water to the US where home prices are affordable, she said she does not to give up cdn health care. And I realized that when you buy a house in Canada you are paying a lifetime of medical expenses, for the older generation & their retirement too. The government wants to keep this thing going or else they would have to look after the old people

  • yang yun 1 year ago

    Send Tiff Macklem back to kindergarten, and learn some basic arithmetic. No wonder he hates kindergartens an tries to shut them down in his ‘hood. he prefers his own make believe show

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