What is the minimum down payment needed for a home? Is it the same if I am only buying a condo versus a house?

ANSWER:

With the changes from CMHC, the minimum amount of your downpayment depends on your employment situation and purpose of the purchase.

For example, self employed people need to put down a minimum of 10%. If you are buying for the purposes of renting out the condo and not living in the property, you need a minimum of 20%. If you are fully employed and not self employed and plan to live in the property as your principle residence you need 5%.

The downpayment amount does not depend on whether the property is a house or condo.

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About Aaron Joshua Barroso

Marketing at Zoocasa, Brokerage.

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