Toronto Real Estate Services | Royal LePage Signature Realty
Home › Real Estate Guides › Financing › Down Payment

How much will I initially need to purchase my new home? You will need enough funds to cover your down payment and closing costs, as well as the remaining balance on the cost of the home. This can be sourced through financing or other means.

A larger down payment means greater savings.

The money you pay up-front for a house is the down payment. Down payments are typically a percentage of the purchase price of the home. The source of money for your down payment is often either your savings or the net proceeds from the sale of a home you already own.

The larger your down payment, the more you save in the long run. A larger down payment:

Your TD Canada Trust Mobile Mortgage Specialist can help you compare mortgages, determine which mortgage is right for you, and show you money-saving strategies.

 

Closing Costs

 

Closing costs are the legal and administrative fees and disbursements associated with buying your home. These costs are in addition to the purchase price of the home. They can vary widely depending on:

Ask about the Home Buyers’ Plan

 

The Home Buyers’ Plan (HBP) lets a first-time buyer withdraw up to $20,000 from RRSPs for a home purchase, subject to certain repayment conditions. For more information, check the Canada Customs and Revenue Agency website.

Leave a Reply

Royal LePage Signature Realty, Brokerage*
495 Wellington Street West, Suite #100
Toronto ON M5V 1G1
*Independently Owned & Operated
Royal LePage Signature Realty, Brokerage*
495 Wellington Street West, Suite #100
Toronto ON M5V 1G1
*Independently Owned & Operated