How much do I need for a down payment?

The amount you need for a down payment when buying a home in Ottawa can vary, but the standard minimum requirement throughout the country is:

• 5% of the purchase price for homes up to $500,000.
• For properties over $500,000, your minimum downpayment is 5% of the first $500,000 and 10% of the amount above $500,000 to $999,999.
• For homes over $1 million, the minimum down payment is 20% of the purchase price.

However, it’s essential to keep in mind that a larger down payment can offer advantages, such as lower mortgage insurance premiums. A 20% down payment is often considered ideal because it allows you to avoid mortgage default insurance.

Your specific down payment will depend on your financial situation, the home’s purchase price, and your mortgage lender’s requirements.