08/31/2026
Believing the wrong down payment rules can delay your homebuying journey by years, especially in a market as fast-moving as the GTA.
The biggest misconception is that you need a full 20% upfront to get into the market, but for homes under $1M, you can actually step in with as little as 5% to 7.5% down. At the same time, many buyers forget to set aside an additional 1.5% to 4% for closing costs, assuming the down payment covers everything at the finish line. When it comes to gifted funds from family, lenders require a clear 90-day paper trail, meaning cash in hand won’t cut it without the right documentation.
Knowing the real numbers before you start shopping saves you time, stress, and unnecessary delays.
Save this post for your home search, or send a DM to review your numbers and map out your pre-approval strategy today.
