A minimum down payment of 5% is required to purchase a home, subject to certain price restrictions for homes purchased above $500,000 and 1 million. In addition to the down payment, you must also be able to show that you can cover the applicable closing costs (i.e. legal fees and disbursements, appraisal fees and a survey certificate, when applicable). Regardless of the amount of your down payment, at least 5% of it must be from your own resources or a gift from a family member. 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, GE, or CG.