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What is the minimum down payment required to purchase a property?

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What is the minimum down payment required to purchase a property?

 

I am new to the home buying process and have just started saving up some money.

 

What is the minimum down payment required to purchase a property?

 

Does it vary from case to case or is it standard for every "new home owner to be"?

Answers

By Canadalend
This is an excellent question and is something that all home buyers need to keep into consideration, here are some examples of the minimum payment requirements needed in order to purchase a property in Canada.
 
For those with a conventional mortgage: down payment needs to be at least 20% of the purchase price.
 
With individuals with a high-ratio mortgage: down payment is less than 20% of the purchase price. 
 
A minimum down payment in Canada on homes less than $1M is 5% with a usual down payment ranging from 5-20% of the home price. Homes over $1M require a minimum of 20% down payment.  
 
Down payments that are less than 20% of the house price requires mortgage default insurance. 
 
More information about minimum payment requirements and mortgages can be found on our website, you can also contact us directly to further discuss mortgage options or if you wish to ask us any further questions. 
 
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8 months ago
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