The down payment requirement when buying a house in Edmonton, like in the rest of Canada, depends on the purchase price of the home. As of my last knowledge update in January 2022, the minimum down payment requirements for buying a home in Canada were as follows:
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For homes priced at $500,000 or less:
- Minimum down payment: 5% of the purchase price
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For homes priced between $500,001 and $999,999:
- Minimum down payment: 5% of the first $500,000 and 10% of the remaining amount above $500,000
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For homes priced at $1,000,000 or more:
- Minimum down payment: 20% of the purchase price
Keep in mind that these requirements are subject to change, and it's essential to check with a mortgage lender or a financial institution for the most up-to-date information. Additionally, mortgage rules and regulations can vary, and specific circumstances may affect your down payment requirements, so it's a good idea to consult with a mortgage broker for personalized advice.