Minimum Down Payments needed in Canada

  Sunday, Feb 19, 2023

Over the years it has become increasingly difficult to save for a down payment as housing prices increase. 20% is usually desirable because no mortgage insurance is needed. However, you do not have to save 20%. It all depends on the market value of the house. Below is a chart that illustrates the minimum payments. Any amount less than 20% requires the buyer to obtain mortgage insurance.

 

Home ownership has always been a popular dream for most Ontarians. Looking to buy a place you can call you own? I am here to help. Call or DM me

 

Minimum payments need for a mortgage in Ontario.pdf

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