Buying a home is one of the most important purchases you’ll make so it’s important to be prepared. The process of buying a home can be confusing, especially for first-time homebuyers.
Let’s discuss the most important steps:
For properties valued between $500,000 and $1 million, the minimum down payment for newly insured mortgages is 5% on the first $500,000 and 10% for the portion of the house priced above $500,000.
For first-time homebuyers, the average down-payment in Ontario is 6%.