MINIMUM DOWN PAYMENT

What is the minimum down payment needed to purchase a home?

A minimum down payment of 5% is required to purchase a home, subject to certain maximum price restrictions. In addition to the down payment, you must also be able to show that you can cover the applicable closing costs (i.e. legal fees and disbursements, appraisal fees and a survey certificate, where applicable).

Regardless of the amount of your down payment, at least 5% of it must be from your own cash resources or in the form of a gift from a family member. For non-residents and newcomers to Canada, typically 10% down payment is required. This down payment cannot be borrowed.

If the down payment is less than 20% you must also purchase mortgage default insurance.

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CONTACT

Sherkin-Langer and Castle was established in 2005 in response to a recognized need for luxury real estate service with a specialized focus on the Toronto Real Estate Market and the Greater Toronto Area.

ADDRESS:

2145 Avenue Road
Toronto, ON M5M 4B2

Phone:

Ferne Sherkin-Langer
Broker
416.844.5704

Nina Castle 
Broker
416.543.4833

BROKERAGE

For over 60 years, Harvey Kalles Real Estate Ltd., Brokerage has been dedicated to offering professional service to all of our customers.

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