Check out our top 10 suggestions for a smarter approach, while saving for a down payment. A downpayment is the amount of money you pay up front to obtain a mortgage. The minimum down payment in Canada is 5%. Let’s use Cornwall, Ontario as an example. The average list price of a home, as of January, 2016 is approx. $189,000. The minimum amount of money you would need toward a downpayment, to purchase a home at $189K is $9,450.00. Traditionally this seems like a lot for a lot