First-time buyers are the clients I most enjoy working with — because good guidance makes the biggest difference. Here's what you need to know about down payments and the programs designed to help you.
In Canada, the minimum down payment depends on the price:
| Purchase price | Minimum down payment |
|---|---|
| Up to $500,000 | 5% |
| $500,000 to $1,499,999 | 5% of the first $500,000 + 10% of the rest |
| $1.5 million or more | 20% |
With less than 20% down, the mortgage must be insured, and the insurance premium is added to the loan.
Example: on a $700,000 condo, the minimum is $25,000 (5% of $500,000) plus $20,000 (10% of $200,000) — $45,000. First-time buyers may also qualify for a 30-year amortization on an insured mortgage, which lowers the monthly payment.
The full details, with thresholds, are in my article First-time buyer programs, explained simply.
Your first home is usually a condo or townhouse, which means you're also buying into a building. I read depreciation reports and contingency funds the way I'd read a project budget — asking whether the numbers are realistic and what's missing — so you understand the future costs before you commit.
Every client's situation is different — I'm happy to walk you through what applies to you, in English or Turkish.