The minimum down payment required for buying a home is 5%, and borrowers may be subject to certain maximum price restrictions. Regardless of how much the down payment is, at least 5% must be from your own cash capital or a family member’s donation. You cannot borrow this money! Mortgages with less than 20% down payment must have CMHC, Canada Guaranty, or Genworth mortgage loan coverage.

A conventional mortgage is generally regarded as a mortgage with a down payment equal to or greater than 20% of the purchase price. A loan to value (LTV) which is less than 80% of the purchase price does not typically require coverage for mortgage loans.

Your property may look wonderful and may even be in a great location, but if it isn’t priced right, you’ll find yourself sitting around waiting for an offer longer than you anticipated. By using market analysis and comparative pricing, it is important to determine a suitable price for your home. Accurate pricing of your home will put yourself in a strong negotiating position and D’Juvayne will help you determine the right price for your property.

The good news is that D’Juvayne does not charge you a fee to be your sales representative as the buyer. Alternatively, the seller is required to cover the costs associated with selling their property. Some of the costs you may need to consider, however, are land transfer tax, property inspection, deed or mortgage registration, legal fees and disbursements, closing adjustments, home and property insurance, moving expenses and gas, electrical and water connection charges. Besides these potential costs, you may need to budget for any repairs that may be necessary.

Yes! D’Juvayne is a Certified International Real Estate Specialist and has extensive experience working with international clients from all over the world. If you are from outside Canada and you would like to invest in property in Toronto, Contact D’Juvayne today.