Various types of mortgage programs prevail. Most require a minimum of 5 percent down payment, but normally range from 5 to 20 percent.
Putting down as little as possible allows customers to take full advantage of the tax benefits of home ownership. Mortgage concern and property taxes may be deductible from provincial and federal income taxes. Customers applying a small down payment also have a stockpile for attaining unexpected improvements. It may be more prudent to make a larger down payment and thereby reduce the amount of obligation that must be financed.