How much is down payment for house in Ontario?
To qualify for a mortgage, you’ll need the necessary down payment, proof of employment, and proof of income, along with your credit score.
Down Payment represents the portion of the home’s total purchase price.
Whether you are a first-time buyer or have been upgrading your home the minimum down payment in Ontario and across Canada is
- 5% of the value of a residential property under $500,000
- Properties from $500,000 to $1 million will require 5% for the first $500,000, then 10% for the portion of the purchase price above $500,000
- Properties more than $1 million require 20%
If your down payment is less than 20% of the price of your home, you must buy mortgage loan insurance.
If you’re self-employed or have a poor credit history, your lender may require that you get mortgage loan insurance, even if you have a 20% down payment.
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