Down Payment Home Surrey – Thinking about buying a home in Surrey? One of the first (and biggest) questions that comes up is: “How much down payment do I need?”

Whether you’re a first-time buyer or planning to upgrade, understanding your down payment options can help you prepare, plan, and move forward with confidence.

In this simple guide, Silky Girdhar, a trusted Surrey Realtor, breaks down everything you need to know about making a down payment on a home in Surrey—without any confusion or jargon.

What Is a Down Payment?

A down payment is the amount of money you pay upfront when buying a home. The rest of the purchase price is typically covered by a mortgage loan from a bank or lender.

Your down payment amount can affect:

• The size of your mortgage
• Your monthly payments
• Whether you need mortgage insurance
• Your ability to get approved

Minimum Down Payment Rules in Canada

The government of Canada has set minimum down payment guidelines based on the home’s purchase price:

• For homes under $500,000: Minimum down payment is 5%
• For homes between $500,000–$999,999:
  • 5% on the first $500,000
  • 10% on the remaining amount
• For homes $1 million and above: Minimum down payment is 20%

👉 Example:
If you’re buying a home in Surrey for $800,000:

• First $500,000 → 5% = $25,000
• Remaining $300,000 → 10% = $30,000
• Total minimum down payment = $55,000

Why Down Payment Size Matters

Putting down more money can have real benefits:

✅ Lower monthly mortgage payments
✅ Avoid mortgage insurance (if you put 20% or more)
✅ Stronger mortgage approval chances
✅ Less interest paid over time

But for many buyers, especially first-time buyers in Surrey, saving 20% isn’t always realistic—and that’s okay. With the right support, you can still buy your dream home.

Can You Buy with Just 5% Down?

Yes! Many buyers in Surrey start with 5% down, especially on condos or townhomes priced under $500,000. You’ll just need to get CMHC mortgage insurance, which protects the lender in case you default.

The insurance cost depends on how much you’re putting down but is usually added to your mortgage—not paid upfront.

Silky Girdhar’s tip:

Start where you are. Even a 5% down payment can open the door to homeownership—and you can always upgrade later.

Saving for Your Down Payment: Tips That Work

Here are some ways to grow your down payment faster:

Use your RRSP: First-time buyers can withdraw up to $60,000 tax-free through the Home Buyers’ Plan.

Open a FHSA: The new First Home Savings Account (FHSA) allows tax-free saving up to $8,000/year (lifetime max $40,000).

Cut back on extras: Small changes in spending can add up big over a year.

Ask for help: Some buyers receive down payment gifts from family members.

Read: Top 5 Mistakes Homebuyers Make and How to Avoid Them

Silky Girdhar Can Help You Plan the Smart Way

Buying a home doesn’t have to be stressful—even when you’re unsure about finances. Silky Girdhar works closely with trusted mortgage brokers who can help you:

• Get pre-approved
• Explore your budget
• Understand all financing options

Silky also helps you find homes that match your down payment and monthly comfort zone, so you never feel overextended.

Conclusion

Your down payment is one of the most important steps in buying a home—but it doesn’t have to stop you. Whether you’re putting down 5%, 10%, or 20%, what matters most is choosing the right path for your situation.

With the right guidance and a plan, your dream of owning a home in Surrey can become a reality.

Need help getting started?

Reach out to Silky Girdhar today for honest advice, local knowledge, and expert support on your home buying journey.

Frequently Asked Question(FAQs)