First things first, let's talk about the all-important down payment. When it comes to buying a home in Ontario, you'll need to have some cash saved up to put towards that dreamy house of yours. The good news is that the minimum down payment required is actually pretty reasonable.
For homes priced under $500,000, you'll need a minimum down payment of 5%. So, if you're eyeing a cozy little condo with a price tag of $400,000, you'll need to have at least $20,000 saved up. Not too shabby, right?
Now, if you've got your sights set on a slightly pricier pad, say in the $500,000 to $999,999 range, the minimum down payment increases to 5% for the first $500,000, and 10% for the portion above $500,000. So, if you're eyeing a swanky condo with a price tag of $800,000, you'll need to have $55,000 saved up (5% of $500,000 plus 10% of the remaining $300,000).
But wait, there's more! For homes priced at a cool million or more, the minimum down payment is 20%. So, if you're dreaming of that extravagant mansion with a price tag of $1.5 million, you'll need to have a whopping $300,000 saved up. Time to start that piggy bank, my friend!
Remember, these are just the minimum requirements. It's always a good idea to save up as much as you can for a larger down payment. Not only will it reduce your mortgage amount, but it may also give you access to better interest rates. So, start saving those loonies and toonies, and before you know it, you'll be unlocking the door to your very own Ontario home!
And there you have it, a lighthearted rundown of the down payment requirements for buying a home in Ontario. Happy house hunting, eh? #BuyingAHomeInTheGTA #BuyingAHome #EducatingBuyers #OakvilleRealtor