How much do I need for a down payment?

Author: Boychuk Mortgage Group |

The amount you need for a down payment depends on several factors, including the purchase price of the home and your mortgage lender's requirements. In Canada, a minimum down payment is typically 5% of the purchase price for homes valued up to $500,000. For homes priced between $500,000 and $1 million, the down payment increases to 10% on the portion exceeding $500,000. Homes priced over $1 million require a down payment of at least 20%. It's essential to have your down payment saved and ready to demonstrate financial stability and responsibility to potential lenders.