SAMARY MORTGAGES

  • 5% of the purchase price for a property less than $500,000
  • 10% for the next $499,999  
  • 20% for all dollars exceeding $999,999
  • Regardless of the amount of your down payment, at least 5% of it must be from your own cash resources (ex. Savings, RRSP, TFSA etc.) or a gift from a family member
  • 20% of the property value for rental units