Down payment in Canada
August 28, 2020 / / Comments Off on Down payment in Canada
If you are a first time buyer and reporting your income to CRA (Canada Revenue Agency) for the past 3 years you are allowed to make a minimum down payment of 5% if employed, and minimum of 10% if self-employed and buying a property for your primary residence. According to the government rule, for transactions less than 20% down payment insurance premium is required.
Customers looking to purchase Residential property for Investment purposes will be required to put a minimum of 25% down payment.
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