How Much Does It Cost To Purchase A Home In Canada

How much does it really cost to purchase a home here in Canada? 🏡💰

Let's debunk down payment requirements. 🧐

So the down payment is a lump sum of money that the buyer pays upfront when purchasing a home. 💵

And this down payment represents a portion of the total purchase price. 📜💲

Typically, the remainder of the house's purchase price will be financed through a mortgage from a bank or a secondary financial institution for homes priced up to $500,000. 🏦

The minimum down payment required is 5%. 🔒💰

Now for homes that are priced between $500,000 and $999,999, the minimum down payment requirements are 5% on the 1st $500,000 and then 10% on the remainder of the purchase price. 🏠💲

If you're looking for a home over a million dollars, you are required to put 20% down. 💰💼

No exceptions. ❌

Now, in all circumstances, if you put 20% down or more, your mortgage is considered a low-risk mortgage, and you do not need to pay mortgage loan insurance. 🛡️🏦

So CMHC insurance, follow along for more real estate tips and tricks. 🏘️🔍

I'm Melanie with the Hamre Team at RE/MAX Affiliates in Ottawa. Have a wonderful week. 😊🌟