How Much Down Payment For A Condo?

In this article, the Toronto Condo Team explains the down payment requirements for buying a condo in Toronto. The minimum down payment for a condo in Toronto is typically 5% for a property that costs around half a million dollars. For condos priced over one million dollars, the minimum down payment required is 20%. Buyers should aim for a higher down payment to reduce the amount they borrow from the bank, which means lower interest and possibly lower mortgage. Strategies for preparing for the down payment include savings, help from family and friends, the Home Buyer's Plan, and mortgage loan insurance.