Down Payment Explained for Canadian Homebuyers
Down Payment Explained for Canadian Homebuyers A down payment is your way of saying to the bank, “I’m serious about this house, and here’s some money to prove it.” Typically 5–20% of the home price. Example: For a $400,000 house, a 10% down payment is $40,000—enough to make your wallet cry quietly. Why it matters: Reduces your mortgage amount. Shows lenders you’re financially responsible. Can lower your interest rate. Follow our blog for funny, practical tips on saving for your down payment Informational purposes only. Down payment requirements vary. Consult a licensed financial advisor.