Ask The Expert: . What is the minimum down payment required to purchase a house in Ontario?

Ask The Expert: . What is the minimum down payment required to purchase a house in Ontario?

Ask The Expert: . What is the minimum down payment required to purchase a house in Ontario?

Q. What is the minimum down payment required to purchase a house in Ontario?

A. The simple answer is that the minimum down payment is 5% in Ontario. However, the rules have changed as of February 15, 2016. If the house price is $500,000 or less, the minimum down payment will remain at 5%.  For houses worth more than $500,000 the down payment is 5% for the first $500,000 and 10% of any amount above that.  Down payments usually come from your savings although gifts may also qualify.

For any mortgage questions, visit our website www.sandyandhugh.com or call us at 905-892-8661.

If the house is new, or the mortgage is due,

The best solution for you is to call Sandy and Hugh

Your best solution mortgage professionals.

Hugh Graham, The Mortgage Centre
Phone: 1-905-892-8661
Email: hgraham@sandyandhugh.com
Web: www.sandyandhugh.com

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