However, according to the CREA the average selling price for a home was $703,446 as of April 2024. Because $703,446 falls between $500,000 and $999,999, a home buyer using a prime mortgage to finance a purchase at that amount would need to put down 5% of the first $500,000, and pay 10% on the remainder. That means the minimum down payment on the average house price would be roughly $45,345 when the purchase is financed with a prime mortgage.

In order to finance a $703,446 home purchase with a B mortgage, you’d need to put down 20%, which amounts to approximately $140,689.