What you need to know about down payments

If you are purchasing a home that is $500,000 or less, the minimum down payment is 5% or less. If your down payment in this price range is less than 20%, you will require mortgage default insurance.

If you are purchasing a home that is over $500,000 but less than $1 Million, a down payment of 5% of the first $500,000 and then 10% of the remaining balance over $500,000 is required. This type of down payment also requires mortgage insurance.

If you are purchasing an investment property, a minimum down payment of 20% is a requirement. This down payment needs to come from your own funding, it cannot be gifted.\

Please note that depending on the type of property and its use, the down payment amount and requirements may vary. We always encourage you to get in touch so that together we can determine the best down payment option for you.