how much is an average down payment for a house/condo in calgary when wanting a $200 000 morgage?

Answer 1

So much depends on your credit, the appraisal of the house, and the type of loan you are seeking. In general, a 20% downpayment is the norm, but keep in mind that zero downpayment loans are available.

Best advice is to work with your real estate agent to tailor the best deal for you.

Good luck with your move.

Answer 2

Buying a house in Calgary is going to cost you a lot. Some times things get settled down on 5 - 10% but it can goes upto 20 % in some cases . Even a 5 per cent down payment on the average Calgary house is more than $25,000. Usually low down payments has higher rate of interests.

Average stats of property in Calgary says that:
- The average home in Calgary sold for more than $517,000.
- An average townhouse costs $341,000
- An apartment-style condo costs nearly $300,000 on average.

So the average down payments depends on the actual price of the house that you are going to buy.

Answer 3

I'm sure its allot like here in the States. It depends on the loan program and what you want for interest rate. The lower the LTV (loan to value) the less the interest rate. You can get 100% financing with many programs, but the rate will be higher (because the risk is higher to the bank on a higher LTV loan) and you'll have to carry motgage insurance. Or you can go a 80% first and take a 20% second mortgage and not have to carry mortgage insurance.

Usually, banks want to see 3% - 5% down in cash. But once again, it just depends on the rate you want.

Answer 4

Most common down payments are 20%, but often things can be done for 10% or even 5%
Usually, the smaller the down payment, the greater the interest rate and some lenders may require mortgage insurance to boot.
Sometimes that can be kept low, by having the seller assume a 2nd mortgage (if he is willing and able - needs more equity)
Looking for a $200,000.00 mortgage, with a 20% downpayment would mean a $250,000.00 purchase price.

Answer 5

30%

Answer 6

$20,000.00