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There is no down payment required to purchase a property anymore. You can borrow up to 100% of the appraised value or
purchase price of the property, whichever is lower. In order to obtain a 100% mortgage there are many restrictions and possibly additional fees that are always changing. There is often a requirement to have the closing costs from your own sources but this is not required in all cases. You will need to check with your lender for specifics.
If you have money in an RRSP account it is possible for you to use these funds as a down payment or to use for your closing costs. With this plan you take out money with the requirement that you will repay it over the next 15 years See my section on using RRSP's at RRSP.
It's to your advantage (although impossible for most buyers) to aim for a down payment of 20% or more, so you'll qualify for a conventional mortgage and avoid paying the mortgage insurance premium. The larger your down payment, the easier it will be to arrange a mortgage and carry it comfortably. The smaller your loan, the lower your interest expense will be, and the more equity you will have in your home. Equity is equal to the value of home minus the amount of your mortgage.
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