If you are looking to purchase a home in Canada, the minimum downpayment requirement to purchase is 5 percent up to a purchase price of $500,000. For purchases over $500,000 but less than $1,000,000 the mortgage lending requirements changed in 2016. You are now required to have a minimum downpayment of 5 percent for the first $500,000 and 10 percent for the balance amount.
Here’s how it all works…
Looking to buy a home and need help with understanding the downpayment requirement and insurance premiums? It’s time to get in touch with the team at MiMortgage.ca. Call us at 1 866 452-1100 to speak to an expert or apply online now!
