After years of dealing with the high costs and inconveniences of renting, you\u2019re craving more independence and looking to purchase your first home. But there\u2019s a big hurdle to be crossed first\u2014the dreaded upfront costs. Without down payment assistance, the minimum down payment amount is 5% for properties priced at $500,000 or less in Canada. Although 5% might not sound so bad, its dollar amount can be daunting, particularly for those who make only a modest income.<\/p>\n\n\n\n
If you purchase a house that costs more than $500,000, you have to pay 5% for the first $500,000 plus 10% between $500,000 and $1.5 million<\/p>\n\n\n\n
However, down payment assistance programs can help put homeownership within reach. Here are some of the programs currently available in Canada.<\/p>\n\n\n\n