How much down payment do I need to purchase a property?

One of the most common questions we get asked is how much do I need down to purchase a property.

The minimum down payment is 5% and in some cases that can even be borrowed which is called flexdown or gifted from a family member.

photo of a piggy bank with chain surrounding it, showing a down payment of a minimum of 5% for the purchase of a property in the Edmonton area
This little piggy is packing away someone’s hard-earned savings and keeping it secure for when the time is right to purchase a home. All you need is a minimum of 5% down!

What types of properties can I buy with 5% down? Here is a quick overview:

  • Primary residence you will be living in.
  • New primary residence and turning your existing residence into a rental.
  • Second home or vacation home that you or an immediate family member will be living in. Perfect for kids going to school, or helping out a parent with accommodations.
  • Divorce or Partner Separation– In this circumstance, you can refinance an existing mortgage back up to 95% of the Loan to Value (LTV) to pay out an ex-spouse or partner and in some cases pay off joint debt.

Contact us now online or call/text 780-991-1600 so we can answer any questions how you can take advantage of these offers now or get a One on One Personalized Pre- Qualification.

Fixed rates and variable rates are still very attractive.  It’s a buyer market, so lots of fantastic opportunities await!

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