How the threshold applies
The minimum thresholds apply to the price you entered: 5% on the first $500,000, 10% on the portion above.
What the down payment does not cover
That amount pays for the property, nothing else. Add legal fees, inspection, transfer duty, adjustments, and keep a reserve for after you move in.
The permitted minimum is not the ideal amount
The permitted minimum is not necessarily the right amount for you. Putting less than 20% down also triggers mortgage insurance.
Next step
Send me the target price and what you have set aside: I’ll separate the down payment, the costs, and the reserve to keep after closing.