In the rare case a point is offered, it only pays off if you are confident you will keep that exact mortgage, at that exact rate, for years without refinancing or selling, since the upfront cost needs time to be recovered through the lower monthly payment.
A lump sum applied to your down payment instead saves interest for the entire life of the mortgage and, above 20 percent down, removes the CMHC, Sagen or Canada Guaranty insurance premium entirely, which usually beats what a point delivers.
Run both scenarios with a mortgage broker using your real numbers before assuming either one is the better move. Get your hand-reviewed valuation from Joel Dyck.