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.
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