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How much money is required to buy a home? This depends on a number of factors!
Most home buyers will need to save up between 6.5% to 21.5% of the purchase price of their home. The first 5-20% goes towards a down payment, while the extra 1.5% is the amount typically required by most lenders for closing costs above and beyond the down payment, including notary fees and moving expenses.
The minimum down payment varies depending on your intention, the type and price of the property you buy, as well as your residency status.
Owner-occupied properties require less of a down payment than an investment purchase. For example, buying a condo, house or duplex to move into it requires a 5% down payment (10% for any amount exceeding $500,000) while buying the same property to rent out for revenue would require a 20% down payment.
If you purchase a property with three or four units with the intent to occupy a unit, the minimum down payment increases to 10%.
Undivided co-properties typically require 20% down and generally cannot be rented out.
Properties over certain price points may require a higher down payment. In Montréal, properties over $1 million require a 20% down payment.
Non-residents are often required by the mortgage lender to make a larger down payment, often 35%, since this profile is considered a higher risk.
Summary of the Minimum Down Payment Typically Required:
| Property Type | Owner Occupied | Investment Purchase |
| House, Condo or Duplex | 5% 10% for any portion over $500,000 | 20% |
| Undivided Co-Property | 20% | 100% & co-owners’ consent |
| Triplex, Four-Plex | 10% | 20% |
| Five-Plex and larger or Non-resident buyer or Properties over $1 million | 20-35% | 20-35% |
Contact Aura for more details or if you would like help figuring out exactly how much of a down payment you need to save up!
