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According to the report, down payments in Canada average $142,740, and closing fees are on average $10,431. However, first-time buyers are often surprised to discover that there are several additional expenses associated with homeownership. What did not come as a surprise was that no cities in British Columbia made the list of most affordable. Quebec, on the other hand, topped all other provinces with nine cities in the Top 15.Article content
In Richmond Hill, just north of Toronto, a 20 per cent down payment means having $281,700 on hand, while closing costs amount to an average of $22,947.
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