Homes at $1.5 Million or More in BC: Why You Need 20% Down

The minimum down payment on a $1.8 million house in Vancouver is $360,000, which is 20% of the price. In Canada, any home priced at $1.5 million or more needs at least 20% down, because mortgage insurance, which is what allows a smaller down payment, is available only on homes priced under $1.5 million.

That line affects most new half duplexes in Vancouver and Burnaby. On October 8, 2026, our copy of MLS® listings showed 399 new half duplexes for sale in the two cities, counting homes built in 2025 or later. 297 of them asked $1.5 million or more. The median asking price was $1,798,000 in Vancouver and $1,799,000 in Burnaby, so the typical new half duplex in either city needs $359,600 to $359,800 down.

If your price is under $1.5 million and you plan to put 5% or 10% down, our guide to buying with 5% down covers that side.

How much down payment for a $1.8 million house in Vancouver?

You need at least $360,000. A $1.8 million home is above the $1.5 million line, so the minimum is 20% of the whole price, and the largest mortgage you can get is $1,440,000.

The Financial Consumer Agency of Canada lists three tiers for the minimum down payment:

• Up to $500,000: 5% of the price.
• $500,000 to under $1.5 million: 5% of the first $500,000, plus 10% of the part above $500,000.
• $1.5 million or more: 20% of the price.

Here is the 20% at the half duplex medians we counted on October 8, 2026:

• Vancouver, all 316 new half duplexes, median $1,798,000: $359,600 down.
• Burnaby, all 83 new half duplexes, median $1,799,000: $359,800 down.
• Vancouver East, median $1,588,000: $317,600 down.
• Vancouver West, median $2,238,000: $447,600 down.

A lender can ask for more than these minimums.

Why the rule changes at $1.5 million

The jump to 20% happens because mortgage insurance stops at $1.5 million. Under section 418 of the Bank Act, a bank cannot lend more than 80% of a home's value unless the extra part of the loan is insured. Without insurance, you cover the other 20% yourself.

The federal rules for that insurance say the home's value "must be less than $1,500,000". That wording is in the Insurable Housing Loan Regulations, as published in the Canada Gazette on March 12, 2025. A home priced at exactly $1,500,000 is on the 20% side.

The limit used to be $1 million. The Department of Finance announced on September 16, 2024 that it would rise to $1.5 million, effective December 15, 2024. The FCAC page linked above, last changed on October 15, 2025, uses the $1.5 million figure.

The limit is tied to the price of the home. A buyer with 15% saved for a $1.6 million home still needs 20%, because the price is above the line.

$1,499,900 versus $1,500,000: a $100 gap and a $175,010 gap

A $100 change in price can change your minimum down payment by $175,010. Here is the math on both sides of the line:

• At $1,499,900: 5% of $500,000 is $25,000. 10% of the remaining $999,900 is $99,990. Minimum down: $124,990.
• At $1,500,000: 20% of $1,500,000. Minimum down: $300,000.

The smaller cash amount has a cost. Below the line, an insurance premium is added to your mortgage. CMHC's premium table charges 4.00% of the loan when you borrow more than 90% of the price. At $1,499,900 with $124,990 down, the loan is $1,374,910, or 91.7% of the price. The premium is $54,996, and the mortgage becomes $1,429,906.

At $1,500,000 with $300,000 down, the mortgage is $1,200,000. There is no premium.

So below the line you need less cash and you owe more. At or above it, you need more cash and you owe less. Which side fits depends on how much cash your family can bring and how large a monthly payment your income can carry.

You can see the line in the listings. On October 8, 2026, 11 new half duplexes in the two cities asked between $1,490,000 and $1,499,999: 8 in Vancouver and 3 in Burnaby. None asked between $1,500,000 and $1,527,999. In our view, those prices were set with the line in mind, since a buyer with 5% or 10% down can offer at most $1,499,999.

What changes at $1.5 million and above

Four things change once the price reaches $1.5 million:

• The down payment is 20% of the full price. The 5% and 10% tiers no longer apply.
• There is no insurance premium. Insurance is not available at this price, so nothing is added to your loan. On a $1.8 million home with $360,000 down, the mortgage is $1,440,000.
• The lender decides the amortization. The 30-year limit in the federal insurance rules covers insured loans only. Above the line, each lender's own policy sets how many years you can take to pay off the mortgage, so ask each lender what it offers.
• The stress test still applies. The lender must check that you could make the payment at a higher rate. The next sections cover this.

New homes have a second $1.5 million line. The Canada Revenue Agency's first-time home buyers' GST rebate returns up to $50,000 of GST on a new home at or below $1 million, a reduced amount between $1 million and $1.5 million, and nothing at or above $1.5 million. A first-time buyer of a new half duplex at $1,799,000 gets no GST rebate. GST is 5%, which is $89,950 at that price, so check the listing and the contract to see whether GST is included in the price or added on top.

Does the 30-year mortgage rule apply above $1.5 million?

The federal 30-year rule is for insured mortgages, so it does not apply above $1.5 million. Since December 15, 2024, an insured mortgage can run up to 30 years if any borrower is a first-time home buyer or if the home is newly built, under the regulations in the Canada Gazette. The regulations describe a newly built home as one that has never been lived in.

With 20% or more down, there is no insurance, and the lender sets the longest amortization it will allow. If you are under the line and want the details of the insured 30-year option, including its extra premium cost, read our 30-year amortization guide.

The stress test at $1.5 million and above

With 20% or more down, your mortgage is uninsured, and the federal banking regulator sets the stress test. The Office of the Superintendent of Financial Institutions (OSFI) requires federally regulated lenders, which include the big banks, to qualify you at the greater of your mortgage rate plus 2%, or 5.25%. OSFI's page showed both numbers as current when it was last updated on January 29, 2026.

Here is an example for a $1.8 million home with $360,000 down, which leaves a $1,440,000 mortgage. The 4.50% rate below is an example for the math only. It is a made-up number, and we make no forecast of rates.

• If a lender offered 4.50%, you would be tested at 6.50%.
• Over 25 years, the payment at 4.50% is $7,970 a month. The lender checks that you could pay $9,645.
• Over 30 years, if the lender allows it, the payment at 4.50% is $7,261 a month, and the tested payment is $9,020.

We worked these out the way Canadian fixed-rate mortgages are usually calculated, with interest compounded twice a year. Your lender's figures may differ. Our stress test guide shows how a tested payment turns into the income a lender looks for.

How many new half duplexes ask under $1.5 million?

On October 8, 2026, 102 of the 399 new half duplexes for sale in Vancouver and Burnaby asked under $1.5 million. The other 297 asked $1.5 million or more, which means 20% down at asking price.

• Vancouver East: 198 new half duplexes, 85 under $1.5 million, median $1,588,000.
• Vancouver West: 118 new half duplexes, 1 under $1.5 million, median $2,238,000.
• Burnaby: 83 new half duplexes, 16 under $1.5 million, median $1,799,000.

By price band, Vancouver first and Burnaby second:

• Under $1.2 million: 25 and 0.
• $1.2 million to under $1.4 million: 37 and 9.
• $1.4 million to under $1.5 million: 24 and 7.
• $1.5 million to under $1.6 million: 31 and 12.
• $1.6 million to under $2 million: 94 and 28.
• $2 million or more: 105 and 27.

How we counted: these figures come from MultiLiving's own copy of MLS® listings, refreshed on October 8, 2026. We counted active listings filed as a half duplex and built in 2025 or later, in the City of Vancouver and the City of Burnaby. Vancouver East and Vancouver West are the MLS® areas for the city. The median is the middle asking price. These are asking prices, and a home can sell for more or less. The counts change every day, so check the current homes on our pages for duplexes for sale in Vancouver and duplexes for sale in Burnaby.

Our read: if your family's cash will not reach 20%, start in Vancouver East, where 85 of 198 new half duplexes asked under $1.5 million. In Vancouver West, plan on 20% for almost every new half duplex. Burnaby is between the two, with 16 of its 83 under the line.

The full cash picture on a $1.8 million new home

The down payment is the largest cheque, and two taxes follow it. On a $1.8 million new half duplex in BC, here are the three biggest amounts:

• Down payment: $360,000.
• Property transfer tax: $34,000. BC's rates are 1% of the first $200,000 and 2% of the value from $200,000 to $2 million.
• GST, if it is added on top of the price: $90,000, with no first-time buyer rebate at this price.

That is $484,000 before legal fees, insurance, moving and the other costs of closing. The two BC tax breaks for buyers stop below this price: the first-time buyers' exemption ends at a value of $860,000, and the newly built home exemption ends at $1,150,000.

How families reach 20% on a home this size

If your family is pooling money across two generations, parents may add a gift, a couple may add savings, and a parent may go on the mortgage too. Each of those has its own rules for the lender and for title. Our post on family down payments, gifts and co-signing explains how each one works.

Two points to settle before you shop:

• Where the money came from. Expect your lender to ask for proof of where the down payment came from. Ask early what proof it needs for a gift.
• Whose income qualifies. A $1,440,000 mortgage has to pass the stress test on the income of the people on the loan. Adding a parent's income can help, and it also puts the debt on that parent's record.

If you cannot reach 20% today, a home under $1.5 million in Vancouver East or Burnaby may fit with 5% to 10% down. A home listed above the line may also come down in price during talks. If you and the seller agree on a price under $1.5 million, the lower tiers apply to that price, subject to your lender's approval.

What this comes down to

• A $1.8 million home needs at least $360,000 down. Any home priced at $1.5 million or more needs 20%.
• The line exists because mortgage insurance is limited to homes valued under $1,500,000. A home priced at exactly $1.5 million needs 20%.
• At $1,499,900 the minimum is $124,990 plus a $54,996 premium added to the loan. At $1,500,000 it is $300,000 with no premium.
• Above the line, there is no insurance premium, the lender sets the amortization, and OSFI's stress test still applies.
• On October 8, 2026, 297 of 399 new half duplexes in Vancouver and Burnaby asked $1.5 million or more. Vancouver East had the most homes under the line: 85 of 198.

Frequently asked questions

How much down payment do I need for a $1.8 million house in Vancouver?

You need at least $360,000, which is 20% of $1,800,000. Any home priced at $1.5 million or more needs 20% down, because mortgage insurance is not available at that price. Your mortgage would be at most $1,440,000, and your lender may ask for more than the minimum.

What is the minimum down payment on a $1.5 million home in Canada?

The minimum is $300,000. The insurance rules require a home value under $1,500,000, so a home priced at exactly $1.5 million needs 20% down. At $1,499,900 the minimum is $124,990, because the 5% and 10% tiers still apply below the line.

Can I buy a $1.5 million home with 10% down?

No. At $1.5 million or more, the federal minimum is 20% of the price. Mortgage insurance, which allows less than 20% down, is limited to homes valued under $1,500,000. With 10% down, the price must be $1,499,999 or less. At $1,499,900, 10% down is $149,990, which is more than the minimum of $124,990.

Why do homes over $1.5 million need 20% down?

Section 418 of the Bank Act stops a bank from lending more than 80% of a home's value unless the loan is insured. Federal insurance rules allow insurance only on homes valued under $1,500,000. Above that, there is no insurance, so the lender can lend at most 80% and you cover 20%.

Is CMHC insurance available on homes over $1.5 million?

No. CMHC and the other mortgage insurers follow federal rules that limit insured mortgages to homes valued under $1,500,000. That limit took effect on December 15, 2024, when it rose from $1 million. On a home at or above $1.5 million, you pay no insurance premium, and you put down at least 20%.

How much down payment do I need for a $2 million house in Vancouver?

You need at least $400,000, which is 20% of $2,000,000. The mortgage would be at most $1,600,000. On October 8, 2026, 105 new half duplexes in Vancouver and 27 in Burnaby asked $2 million or more, and the median new half duplex in Vancouver West asked $2,238,000.

Can I get a 30-year mortgage on a home over $1.5 million?

The federal 30-year rule covers insured mortgages for first-time buyers and newly built homes. A home at $1.5 million or more cannot have an insured mortgage, so that rule does not apply. With 20% or more down, your lender's own policy sets the longest amortization. Ask each lender what it offers.

Does the stress test apply if I put 20% down?

Yes. OSFI requires federally regulated lenders to qualify uninsured borrowers at the greater of the mortgage rate plus 2%, or 5.25%. OSFI's page showed both numbers on January 29, 2026. On a $1,440,000 mortgage at an example rate of 4.50%, the tested payment over 25 years is $9,645 a month.

How much down payment do I need for a $1.4 million half duplex?

You need at least $115,000. That is 5% of the first $500,000, which is $25,000, plus 10% of the remaining $900,000, which is $90,000. With less than 20% down, an insurance premium is added to your mortgage. On October 8, 2026, 102 new half duplexes in Vancouver and Burnaby asked under $1.5 million.

How much cash do I need to close on a $1.8 million new home in BC?

Plan for $360,000 down, $34,000 in property transfer tax and $90,000 in GST if it is added to the price. That is $484,000 before legal fees, insurance and moving. The BC first-time buyer and newly built home tax exemptions end at $860,000 and $1,150,000, so neither applies here.

Does the first-time buyer GST rebate apply above $1.5 million?

No. The Canada Revenue Agency says the first-time home buyers' GST rebate is up to $50,000 at or below $1 million, reduced between $1 million and $1.5 million, and zero at or above $1.5 million. A first-time buyer at $1,799,000 pays the full 5% GST, which is $89,950.

Can my parents' gift count toward the 20%?

A gift from family can go toward your down payment if your lender accepts it, and each lender sets the proof it needs. Ask your lender early what it wants to see. Our post on family down payments explains gifts, co-signing and joint ownership, and how each one affects title and your parents' own borrowing.

How many new half duplexes in Vancouver ask under $1.5 million?

On October 8, 2026, 86 of Vancouver's 316 new half duplexes asked under $1.5 million. 85 were in Vancouver East and 1 was in Vancouver West. In Burnaby, 16 of 83 asked under $1.5 million. These are asking prices from our copy of MLS® listings, for homes built in 2025 or later.

What if the seller drops the price below $1.5 million?

The down payment rules follow the price you agree to pay. If a home listed at $1,549,000 sells to you at $1,499,000, the minimum drops from $309,800 to $124,900, subject to your lender's approval of you and the home. An insurance premium is then added to your mortgage, so compare both totals.

Before you decide

General information only. The down payment amounts, insurance premium, property transfer tax, GST and stress test payments on this page are examples based on the federal and BC rules in effect on October 8, 2026, and on asking prices from that day. They are not financial, mortgage, tax or legal advice, and they do not promise that you will qualify or get any outcome. Mortgage insurance rules, the stress test, tax amounts and rebate limits can change. Talk to a licensed mortgage broker or lender and a tax professional before you make any purchase or financing decision.

If you are deciding between a home under $1.5 million and one above it, we can help you compare the full cash needed for each. Browse the new homes for sale on MultiLiving, or contact our team to go over your numbers.