If you're exploring BC real estate, you've probably heard a lot of conflicting opinions about down payments. Some insist you need 20%, others say you can buy with 5%, and many BC home buyers are left unsure what’s actually true.

This guide breaks down the current Canadian rules for 2025, what’s smart vs stretching, and how these choices play out in Greater Vancouver real estate—with a focus on Coquitlam, Port Coquitlam, Port Moody, and the broader Tri-Cities area, plus nearby markets like Langley and Maple Ridge.

Down Payment Basics for BC Home Buyers (Canadian Rules)

In Canada, minimum down payments follow federal guidelines:

• Up to $500,000: minimum 5%
  
  
• $500,000 to $1,499,999:
  
  
• 5% on the first $500,000
  
  
• 10% on the portion between $500,000 and $1.5M
  
  
• $1,500,000 or more: minimum 20% down and no mortgage default insurance available
  
  

If your down payment is under 20% and the purchase price is under $1.5M, your mortgage requires default insurance through CMHC or another insurer.

So no — you don’t need 20% down to buy in BC. Many first-time buyers enter the market with 5–10%, depending on budget and comfort.

How Much Is “Enough” in Greater Vancouver?

How much you should put down depends on your finances, goals, and the type of home you want.

A smaller down payment (5–10%) works well when:

• Your income is expected to grow
  
  
• You’re buying a starter condo or townhome
  
  
• You want to enter the market sooner
  
  
• You’re comfortable with higher monthly payments + insurance premiums
  
  

A larger down payment (15–20%+) is better when:

• You want lower monthly payments
  
  
• You want to avoid default insurance
  
  
• You're buying near or above the $1M–$1.5M range
  
  
• You want more financial flexibility
  
  

The right down payment balances:

• A monthly payment you can comfortably afford
  
  
• How much cash you keep after closing
  
  
• How long you plan to own the property
  
  

What This Looks Like in Coquitlam, Port Coquitlam & Port Moody (Tri-Cities Focus)

The rules are national, but how they feel depends heavily on local price points and lifestyle needs.

Coquitlam

Coquitlam offers a mix of condos, townhomes, and detached homes with strong SkyTrain access and family-oriented neighbourhoods.

Buyers often choose between:

• A smaller down payment (5–10%) to stay walkable or close to transit
  
  
• A larger down payment (15–20%) to secure a bigger home in areas like Burke Mountain or Westwood Plateau
  
  

Here, lifestyle + transit access often matter more than price alone.

Port Coquitlam

Port Coquitlam attracts buyers wanting strong value with excellent access to parks, schools, and amenities.

Common buyer patterns:

• 10–15% down for a newer townhome
  
  
• 20% down to avoid insurance when upgrading to a detached home
  
  

Because PoCo is typically more affordable than Coquitlam, the down payment can be used strategically to stretch into a better neighbourhood or floor plan.

Port Moody

Port Moody is lifestyle-driven — Brewer’s Row, trails, ocean access, Rocky Point, and SkyTrain make it highly desirable.

Buyers here often:

• Use 15–20% down to secure a preferred neighbourhood
  
  
• Use 5–10% on a condo when location > size
  
  

Price gaps between condos, townhomes, and detached homes are often wider here, so down payment strategy becomes especially important.

Langley & Maple Ridge: How They Compare

Langley

Known for variety and newer builds, especially in Willoughby.

Typical buyer decisions:

• Lower down payment for a newer condo/townhome
  
  
• Larger down payment for an older detached home
  
  

Maple Ridge

One of the region’s most accessible detached-home markets.

A 5–10% down payment here can buy more space than in the Tri-Cities, making it a strong option for families and first-time buyers who want room to grow without leaving Greater Vancouver.

Smart Planning: Tools & Programs for BC Buyers

1. Start With a Monthly Payment You’re Comfortable With

Instead of asking “How much can I borrow?”, ask:

“What monthly payment fits my lifestyle?”

Work backward from that number.

2. Set a Range, Not a Perfect Number

A realistic approach for most buyers:

• Minimum target: 5–10%
  
  
• Ideal / stretch range: 15–20%
  
  

A range gives flexibility when the right home appears.

3. Use Canadian Programs to Boost Your Down Payment

First Home Savings Account (FHSA)

• Save up to $8,000/year
  
  
• Up to $40,000 lifetime limit
  
  
• Contributions are tax-deductible
  
  
• Withdraw tax-free for a qualifying home
  
  

RRSP Home Buyers’ Plan (HBP)

• Withdraw from your RRSP tax-free
  
  
• Must be repaid over time
  
  

Gifted Down Payments

• Many lenders accept non-repayable family gifts with signed documentation.
  
  

4. Budget for BC Closing Costs

Even with down payment programs, you still need cash set aside for:

• Property Transfer Tax (PTT) – with exemptions for qualifying first-time buyers
  
  
• Legal or notary fees
  
  
• Appraisal (if required)
  
  
• Move-in and setup costs
  
  
• Emergency buffer
  
  

5. Look at Real Tri-Cities Examples

Check recent sales in:

• Coquitlam
  
  
• Port Coquitlam
  
  
• Port Moody
  
  

This helps you understand what 5%, 10%, and 20% down actually look like across different home types and price points.

Conclusion: So How Much Down Payment Do You Need in BC?

The legal minimums are straightforward — but the right amount depends on:

• Your monthly comfort level
  
  
• The neighbourhoods you're exploring
  
  
• The lifestyle that fits you today and years from now
  
  

If you’re planning a move to Coquitlam, Port Coquitlam, Port Moody, or surrounding areas, our team at Real City Group can help.

Contact Real City Group for a personalized down payment and affordability review. Call us at: (604) 727-8658
We’ll walk through your numbers, preferred areas, and real local examples so you can create a plan that actually fits you—not just the bank’s maximum.

 

 

This article is for general information only and does not constitute financial, legal, or mortgage advice. Mortgage rules, down payment requirements, and qualification criteria can change, and individual circumstances vary. Always consult a licensed mortgage professional, financial advisor, or legal expert before making decisions about financing or purchasing real estate in British Columbia.