Buying a home is an important milestone for many newcomers to Canada. This section will help you understand the key steps, from deciding whether to rent or buy, to saving for a down payment, exploring mortgage options, and learning about mortgage insurance. Discover what it takes to become a homeowner in Canada and make confident, informed decisions every step of the way.
Frequently Asked Questions about Housing Affordability
The minimum down payment depends on the purchase price of the house: For example, homes priced:
Up to $500,000: 5% of the purchase price
Between $500,000 and $999,999: 5% of the first %5=$500,000 + 10% of the portion above $500,000
More than $1,000,000 or more: 20% of the purchase price.
If your down payment is less than 20% of the purchase price, you must also pay mortgage default insurance.
If you are buying your first home in Canada, there are several programs to help make homeownership more attainable. Some of the most important programs include the First-Home Savings Account (FHSA) and the Home Buyers’ Plan (HBP).
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