Average Down Payment On House

Finance minister hikes down payment rules for. – cbc.ca – Starting in February, the Canada Mortgage and Housing Corporation will require a 10 per cent down payment for the portion of any mortgage it insures over $500,000. The current five per cent rules.

Additionally, the Home Buying Institute estimates the range for an average down payment to be anywhere from 0 to 20 percent. A down payment of 20% or more reducing the need for expensive Private.

A new study shows that it could take renters nationwide nearly 6 1/2 years to save for a down payment on a house. It's nearly double that time.