How much down payment do i need to Buy A House ??
When you think about buying a house ,first thing comes into mind is how much can i afford to pay? And another major concern is Down Payment. How Much Down Payment do i have to put to buy a house.
If you have good or Okay Credit History with okay job then you can buy a house for you with only 5% down payment in most cases.But sometimes some banks can also ask for 10% or more.But that happens in very few cases.
That day is not too far away when you have to put minimum 10% as down payment instead of 5% to buy a house. Because all 5 big banks are in process to get that rule passed from Ottawa. Sooner or Later it will be done. And it would be a big shock for many first time buyers who can hardly arrange 5% and they might have to wait longer for home ownership.
I think this could be the reason of this fast moving real estate market in Canada. Because everybody is trying to buy a house before that rule comes in effect.Who ever could not buy before that could have to wait longer than one could expect. If you have saved 5% money for down payment and government change that minimum limit to 10% it could take long to accumulate that much and by that time same house could cost you maybe 10 to $15,000 more.
so i would suggest anyone who only has 5% down payment should buy house as soon as they could find one.