If you’re in the market for a house or a condo, you may be wondering how much money to put up for your down payment.
Should you go with the minimum, and face higher monthly payments and mortgage loan insurance? Or should you scrape together more in the hopes of easing the burden down the road?The minimum allowable down payment percentage depends on the price of the home. In markets like Vancouver or Toronto, where most homes these days cost more than a million, you’ll need 20 per cent just to get in the game.
Gray also recommends taking advantage of government incentive programs to give you a boost on your first home purchase.
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