The amount of money that you are able to use as a down payment will determine what type of mortgage you will need. Down payments can range from 5% to 25% and up.

A CONVENTIONAL MORTGAGE requires the homebuyer to put down at least 25% of the purchase price or appraised value (whichever is less) as a down payment.

If you don't have the necessary time or resources (and most of us don't) you can choose a HIGH RATIO MORTGAGE and buy the home with as little as 5% down. This option is actually the most common mortgage. This type of mortgage requires loan insurance through CMHC which can cost an additional 0.5% to 3.75% of the mortgage amount. With this type of mortgage you could also be limited to a maximum house price.

(There are a few Lenders that are even promoting mortgages with NO MONEY down, a mortgage broker can give you the details.)