🚫 5% isn't always the minimum down payment for buying a home! 🏠
💸 The amount you need to put down depends on the purchase price. For homes under $500,000, it's a sleek 5% of the purchase price.
💰 But for homes between $500K to $999,999 (more realistic in GTA Toronto), it's 5% for the first $500K and 10% for the rest.
💲 And for homes over $1 million, you'll need a minimum of 20% down.
🧮 Ready to figure out your minimum down payment? Let's do the math! For a $500K home, your minimum down payment would be $25K. For a $700K home, you'd need $45K - $25K for the first $500K and $20K for the rest.
🔍 Keep in mind that 5% isn't always the minimum required down payment to own a home. Make sure you know the requirements for the home you're looking to buy!

Disclaimer: Please be aware that the information provided in my content is intended for educational purposes only and should not be relied upon as legal, tax, investment, financial, immigration, real estate or other advice. It is not intended to be a substitute for professional advice. Please seek the advice of a qualified professional before taking any action based on the information provided in my content.

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