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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

Tune in next time for more expert

tips and tricks, and visit

homebuyersschool.ca to bring you

one step closer to finding your dream home.

As with everything, it would be great if you

Like and share our videos.

Also, please let us know if you have

any home buying questions

you want us to answer.

For more infomation >> How much down payment do I need when buying a house? - Duration: 1:44.

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Darth Maul and Ezra: I Need a Drink - Duration: 0:10.

Gin is close

My tanqueraydar is going crazy

Not to mention my petronar

Get it?

Like "sonar"

Steve, this is me sober!

For more infomation >> Darth Maul and Ezra: I Need a Drink - Duration: 0:10.

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I Need You - Duration: 2:22.

You were born in this world for a reason.

In the worst days you must believe that there is something beautiful in you.

Even if you have at least a little faith in you, you can do it, then you can continue

to fight.

I know it hurts, but I promise you that you will breathe again and you will breathe deeper

than you have ever done before.

You have so much power.

You are so strong that you have gone so far and must live your life.

So I know that you can continue.

You must use all the power that you have, and endure unsuccessful days.

Perhaps it is not, this week or even this month, when life will get better, but you

have to stick to it to find that life is not so bad.

No one is blind when looking at the positive side.

So go and find your luck.

There is no better anesthetic than another person.

Surround yourself with people who love you and raise you.

Never think that this world will be better without you, because you need us.

I need you.