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Welcome to Homebuyer's School

brought to you by Brookfield Residential

Today the question that we're going to ask is

"How much do I need for a down payment

for a new house in Canada?"

So Troy take it away.

So the minimum down payment is 5%

of the first $500,000

10% for any amount over $500,000

as long as the purchase price is under a million.

Is there a difference between a down payment

in specific provinces?

So let's say in Alberta, is it different

than in say, BC or Newfoundland?

There's no changes yet, there's rumors

of the government looking into that potentially down the road,

but as of right now the down payment requirements are the same regardless

of what area of the country you are in.

So the minimum across Canada then is

5% for the first $500,000, and 10% anything over, and then I think

anything over that?

Anything over a million dollars then requires at least 20% as a down payment.

Okay, anything else to add?

In some small areas, banks may require a higher down payment.

If it's very rural or very remote, but beyond that no.

Okay, well thank you very much for the information.

You're welcome.

Thank you for joining us, and we'll catch you next time!

That's another edition of

Homebuyer's School

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