The minimum down payment on a house purchase is 5% of the agreed upon price. If you think you can go up to 10 or even 20 percent, it's probably a great idea. Having a bigger down payment can carry a wide array of advantages, so it may be better to start saving now.
PRO TIP: If you’re a first-time home buyer, the Canadian Government has an amazing tool exclusively for buyers like you. The Home Buyer’s Plan (or HBP) lets you use funds from an RSP account to help you on your way to purchasing your first home – tax and penalty free! More details about this plan can be found here.
The down payment is not the only out of pocket expense you need to consider though. Things like legal fees, taxes, land transfers, a home inspection, title insurance and deposits will all catch you by surprise if you don't think about them now. Again, use Manor's Profile Builder tool to record your best estimates for what these fees may run.
