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)
