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Do you know what the minimum down payment is for a condo, a bungalow, a castle, etc?

The minimum cash down payment to purchase a house, condo or duplex valued at less than $500,000 is 5%. When the price is higher than $500,000 but lower than $999,999, you must put down 5% for the first portion of $500,000 and 10% cash for the exceeding portion. For example, a property valued at $900,000, would require a 5% down payment for the first $500,000 and a 10% down for the remaining $400,000, giving you a total cash down payment of $65,000. You must of course plan on occupying the property. For properties valued at more than $1,000,000, then you must put down 20% of the price.

A 10% down payment is required for an owner-occupied triplex or fourplex.

A 15% down payment is needed for a fiveplex or greater, which will be insured by the CMHC.

If you are buying a one to four-door property that is not owner-occupied (i.e. for purely rental purposes) a 20% down payment is needed.

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RATES OF

2024-03-28 00:00:00

TERMS BANKS MORTGAGE PLANNERS
6 months Fixed 7.94% 7.55%
1 Year Fixed 7.89% 6.79%
2 Years Fixed 7.49% 6.14%
3 Years Fixed 7.14% 5.09%
4 Years Fixed 6.99% 4.94%
5 Years Fixed 6.84% 4.79%
5 years Variable 7.65% 6.25%
Refinance Fixed or variable 10.40% 5.09%
3 year closed Variable 8.60% 7.20%
7 Years Fixed 7.10% 4.94%
10 Years Fixed 7.49% 5.79%
HELOC 8.20% 7.70%

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