Beyond the down payment itself, budget for closing costs separately: legal fees typically $800 to $1,500, a home inspection typically $400 to $600, and PST charged on any CMHC mortgage default insurance premium if the loan is insured. These add up on top of the 20 percent.
Many buyers underestimate the reserve fund a lender or a smart landlord keeps on hand for vacancy, repairs, or a tenant who stops paying under the Residential Tenancies Act, 2006 process, and that cushion matters as much as the down payment itself in year one.
Joel Dyck helps investors run the full numbers, not just the down payment, before they make an offer. Get your hand-reviewed valuation from Joel Dyck.