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

The Professional Referral Group

This article is part of a series of Ask The Professional features from our members. The Professional Referral Group is a referral group comprised of trustworthy, reliable and knowledgeable professionals located in Pelham, Welland, St. Catharines and the surrounding communities.

All members of the PRG have been screened to ensure they meet our high standards.  We only accept companies we can recommend. These are the people WE trust and refer. We hope you will too.

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