When buying a home in Canada, your down payment needs to be at least 5% if the purchase price of a home is $500,000 or less. For homes priced between $500,000 and $999,999, homebuyers are required to make a 5% downpayment on the purchase price and an additional 10% down payment on the portion of the purchase price above $500,000.
And then for any home priced over $1,000,000, the minimum down payment required is 20%.
So, where homes are more expensive, in cities in and around Toronto and Vancouver, homebuyers are faced with needing a downpayment of more than $200,000 or more.
It's no wonder buying a home is such a challenge and why several programs have been created to help first-time homebuyers afford their first house.
With that in mind, a new report from Zoocasa has revealed where in Canada you can buy a detached home for less than $500,000 and spend less than $30,000 on your down payment. The report also looks at how the average home price in each of these cities has changed in five years.
And, to top it off, we've also done some research to see what's up for sale in each of these cities right now so you can see first-hand the cheap homes for sale in Canada.
Let's take a look!
Edmonton
A home for sale in Edmonton, Alberta.
Century 21 Real Estate
Detached house benchmark price: $425,200
Minimum down payment: $21,260
Details: Compared to 2018, the benchmark price for a detached home in Edmonton has gone up $28,100. That has increased the minimum down payment by just $1,405, which is the smallest increase for any down payment on this list over the last five years.
Listing: A four-bedroom, four-bathroom home in Edmonton is currently up for sale for $410,000. The 1,582-square-foot home has an open-concept main floor with an island in the kitchen as well as a finished basement with a kitchenette. The house also has a decently sized backyard with a deck.
View listing on Century 21.
Regina
A house for sale in Regina, Saskatchewan.
Century 21 Real Estate
Detached house benchmark price: $336,900
Minimum down payment: $16,845
Details: Five years ago the benchmark price for a detached house in Regina was $304,400. Since 2018, the minimum down payment has risen by $1,625.
Listing: Advertised as the "perfect" opportunity for first-time homebuyers, this two-bedroom, two-bathroom house for sale in Regina is a bungalow with 1,021 square feet of living space. What the house lacks with its unfinished basement, it makes up for with a spacious backyard and a partially covered patio space.
View listing on Century 21.
St. John's
A house for sale in St. John's, Newfoundland.
Century 21 Real Estate
Detached house benchmark price: $345,700
Minimum down payment: $17,285
Details: St. John's has seen one of the bigger increases in its benchmark price for a detached home, and therefore the minimum down payment, in the last five years, Since 2018, the benchmark price has risen by $51,400 and the down payment has gone up by $2,570.
Listing: On the market for $275,000, this three-bedroom is quaint and strikes the perfect balance of old-school and newly renovated. The exterior of the home and the kitchen have traded different shades of blue to give a very unique, homey feel while one of the upstairs bathrooms has been fully renovated with sleek black floor tiles.
View listing on Century 21.
Winnipeg
A house for sale in Winnipeg, Manitoba.
Century 21 Real Estate
Detached house benchmark price: $365,400
Minimum down payment: $18,270
Details: The Winnipeg real estate market has gotten much more expensive over the last five years. Since 2018, the benchmark price for a detached house has gone up $80,300, causing the minimum required down payment to climb by $4,015.
Listing: $259,900 in Winnipeg gets you this newly renovated three-bedroom, 838-square-foot bungalow. The home has new hardwood flooring and a fully fenced-in backyard.
View listing on Century 21.
Saskatoon
A house for sale in Saskatoon, Saskatchewan.
Century 21 Real Estate
Detached house benchmark price: $435,200
Minimum down payment: $21,760
Details: The minimum down payment in Saskatoon is $4,275 higher than it was five years ago. Since 2018, the benchmark price for a detached house has gone up by $85,500.
Listing: For $434,900, this spacious three-bedroom three-bathroom home in Saskatoon has a modern feel throughout, with a mix of grey and white kitchen cabinets, quartz countertops, and even a stone wall feature in the living room where you can hang your TV.
View listing on Century 21.
Saint John
A home for sale in Saint John, New Brunswick.
Century 21 Real Estate
Detached house benchmark price: $295,200
Minimum down payment: $14,760
Details: The benchmark price for a detached house in Saint John has risen by a whopping $117,000 but despite the increase in the real estate market, the city still has the lowest minimum down payment on this list. That has gone up by $5,850.
Listing: A wrap-around deck with impressive landscaping and a big backyard. Inside, a 980-square-foot bungalow with three bedrooms and two bathrooms with a newly renovated kitchen. That's what $295,000 can get you in this wonderfully-priced real estate market.
View listing on Century 21.
Quebec City
A home for sale in Quebec City, Quebec.
Point2Homes
Detached house benchmark price: $386,200
Minimum down payment: $19,310
Details: Quebec City has seen the second-largest increase in housing prices and the minimum downpayment required on a house since 2018, of the cities on this list., The benchmark price for a detached was $261,700 in 2018 and the required down payment has gone up by $6,225.
Listing: A slice of modern living for $369,000. This three-bedroom, 1,000-square-foot bungalow has a wood-feature wall and a fireplace in the living room and has various updates throughout, including a sleek-looking upstairs bathroom.
View listing on Point2Homes.
Greater Moncton
A house for sale in Moncton, New Brunswick.
Point2Homes
Detached house benchmark price: $344,100
Minimum down payment: $17,205
Details: The minimum down payment required to purchase a house in Greater Moncton has gone up by $8,610 since 2018. In that time, the benchmark price for a detached house has gone up by $172,200.
Listing: This $299,000 is sure to need upgrades, but between its charm and its space, both indoors and outdoors, it has plenty of potential. Still, it's hard not to laugh at some of its quirks - from some green and pink walls to a blue bathtub.
View listing on Point2Homes.
