I put 10% down when I purchased my condo 2.5 years ago. At least, I think it was around that after the 3-4% CMHC fee. The place was a good one and I decided it was a good hedge on the market. I don't see a reason for houses to go down drastically. We have the biggest batch of the job creation in Canada and we're not even talking oil sands boom yet either. Finance has steadily been growing and logistics is prepping for a big push with the logistic centres around the airport.
Rental availability has been pretty bad and rental prices are making house purchases a more readily discussed topic. Do your research and if the price is reasonable, I'd pull the trigger at 10% and sit on the remainder cash while on an accelerated repayment plan or something.
I'm aiming for 20%+ for my next home. But less is ok on a first purchase. I wouldn't go below 10% though.
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