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First-time buyers

How much is a minimum down payment?

Team Proppa
February 20, 2023

Buying property for the first time? The first question that would come to mind is what is the minimum down payment that you would need to put down to buy a property? The answer; depends on the value of the property you are looking to buy. If you are looking to buy a property for $500,000 or less you can put down a minimum of 5%. If the property is worth between $500,000 and $999,999, then the minimum down payment you need to come up with would be 5% on the first $500,000 and 10% for the rest of the purchase price. If the property is worth $1 million or more, then the minimum down payment needed is 20%.

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Article Sources

https://www.canada.ca/en/financial-consumer-agency/services/mortgages/down-payment.html

Disclaimer: This article is for informational purposes only and should not be considered as financial or investment advice. Real estate investments carry risks, and individuals should conduct thorough research and seek professional guidance before making any investment decisions.