Down Payment Strategies: How Much Should You Put Down?
Buying a home in Canada requires important financial choices, particularly the down payment. Given the fluctuating nature of the housing market, potential buyers need to plan carefully to make the most of their down payment, often with the help of mortgage brokers in Ontario , which simplifies the process. This article offers guidance on how to plan your down payment to enhance your home-buying journey. Understanding Down Payment Requirements: Insights From a Mortgage Broker in Ontario: A down payment is the initial sum paid when buying a property and affects mortgage conditions and future financial commitments. In Canada, the minimum down payment varies based on the purchase price of the home: – For properties under $500,000, the minimum down payment is 5%. – For homes priced between $500,000 and $999,999, buyers need to pay 5% on the first $500,000 and 10% on the remaining amount. – For homes over $1 million, at least 20% is required. While these are the mi...
