{"id":23477,"date":"2023-08-23T06:00:00","date_gmt":"2023-08-23T10:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=23477"},"modified":"2023-08-22T11:18:36","modified_gmt":"2023-08-22T15:18:36","slug":"down-payment-for-house-apartment-across-canada-aug-2023","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/down-payment-for-house-apartment-across-canada-aug-2023\/","title":{"rendered":"The Down Payment You\u2019ll Need to Buy a Detached House or Apartment Across Canada"},"content":{"rendered":"\n

While the narrative for much of the 2023 housing market has been that prices are rebounding from 2022 lows, home prices are once again slowing<\/a> down. Though current prices are not nearly as low as they were five years ago, the price difference in some cities is somewhat subtle. The tumultuous ups and downs of the last few years have surged prices in metropolitan cities and slowed price growth in smaller ones, offering homebuyers an affordable chance to enter the market. Now that prices are coming down in most cities, where can homebuyers expect the lowest minimum down payments?<\/p>\n\n\n\n

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To learn how current down payment minimums compare to those of five years ago, Zoocasa calculated the difference in the required down payment a buyer would need to purchase a benchmark-priced detached house or apartment in 20 cities across Canada in July 2023 vs. July 2018. <\/p>\n\n\n\n

Benchmark home prices were sourced from the Canadian Real Estate Association (CREA). Minimum down payment amounts were calculated based on 5% of the purchase price for homes valued at $500,000 and under, 10% for the portions of home prices between $500,001 \u2013 $999,999, and 20% for homes priced at $1 million and over. <\/p>\n\n\n\n

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3 Cities See Over $100k Increase in Minimum Down Payments for a Detached House<\/h1>\n\n\n\n

Out of the 20 cities we analyzed, the majority experienced less than a $20,000 increase in the required minimum down payment over the past five years including Calgary<\/a>, Montreal, Winnipeg, and Regina<\/a>. In fact, five cities saw minimum down payments increase by less than $5,000, highlighting an imbalance in price growth experienced across the country. <\/p>\n\n\n\n

Edmonton<\/a> experienced the smallest change in down payment needed, with the price of a detached home increasing from $397,100 in July 2018 to $425,200 in July 2023. That resulted in a $1,405 increase in the minimum down payment required on a benchmark-priced home, now at $21,260. This is not the smallest minimum down payment on our list, however, which belongs to Saint John<\/a> at $14,760. Saint John\u2019s minimum down payment required on a benchmark-priced home increased by $5,850 from July 2018, the sixth smallest increase on our list. <\/p>\n\n\n\n