Using Crypto for Your Home Down Payment in Canada
As cryptocurrency becomes more mainstream, Canadians are exploring whether they can use it to fund home purchases. While crypto can buy a car, using it for a down payment on a home is more complex. Canadian mortgage lenders won’t accept crypto directly but may accept cash converted from crypto, depending on the timing and documentation.
A recent survey in July 2026 found that about 1 in 4 Canadians own crypto assets, up from just 10% in 2023. However, lenders view crypto as an unregulated, intangible currency, making it unreliable collateral for traditional home purchases. Ben Skerrett, an expert broker at True North Mortgage, notes that clients often underestimate the prep time required to convert crypto into a usable down payment.
To use crypto for a down payment, you must sell and convert it to Canadian dollars, deposit it into a bank account, and let it 'season' for at least 90 days before closing. Lenders require a clear paper trail, including bank deposit records and exchange transaction history, to comply with anti-money-laundering rules. Additionally, selling crypto is a taxable event, so consulting a tax professional is advisable.
If you haven’t 'seasoned' your crypto funds in time, alternative lenders may still consider them, though at higher rates. First-time home buyers can also use crypto ETFs held in registered accounts like RRSPs or First Home Savings Accounts to access insured mortgages without the seasoning requirement. As regulations evolve, the future may bring simpler ways to use crypto for home purchases.