Minimum Down Payment Requirement – Effective February 15, 2016

Chana Charach, MB

CANADA – NEW MINIMUM DOWN PAYMENT REQUIREMENT – Effective February 15, 2016

  • For homes priced up to $500,000.00 the minimum down payment is 5%
  • For homes priced over $500,000.00 the minimum down payment is 5% plus 10% on the portion above $500 k.

Example:  If you want to buy a $750,000 home, you’ll need to have a minimum down payment of $50,000, which is what you get when you add five per cent of $500,000 and 10 per cent of the remaining $250,000.

NOTE:  For homes valued at $1,000,000.00 or more, the minimum down payment is 20% (effective in 2012)

 

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