How Much Money Do You Really Need to Buy a Home in Ontario?

One of the biggest misconceptions is that you need 20% down to buy a home. That’s not always true—especially for first-time buyers.

Minimum Down Payment in Canada

• 5% on homes under $500,000

• 10% on the portion between $500,000–$999,999

Example in Woodstock

If you’re buying a $500,000 home:

• Minimum down payment = $25,000

Other Costs to Plan For

Closing Costs

Typically 1.5%–4% of the purchase price, including:

• Legal fees

• Land transfer tax

• Title insurance

Home Inspection

Around $400–$700

Moving Costs & Setup

• Movers

• Utility setup

• Basic furnishings

First-Time Buyer Programs

You may qualify for:

• First-Time Home Buyer Incentive

• RRSP Home Buyers’ Plan

• Land transfer tax rebates

Final Thoughts

You likely need more than just your down payment—but maybe less than you think overall.

👉 Want a breakdown based on your situation? I can help you map it out clearly.