Can First-Time Buyers in Sudbury Put Less Down?
Yes. As a first-time buyer, you only need 5% down if the home is under $500,000. But keep in mind:
You’ll need to qualify with your income and credit score
Less down = higher monthly payments
You’ll pay CMHC insurance premiums, which get added to your mortgage
First-Time Home Buyer Programs in Ontario
To make saving easier, first-time buyers in Sudbury can use these programs:
First-Time Home Buyer Incentive – a shared equity program with the federal government
RRSP Home Buyers’ Plan – borrow up to $35,000 tax-free from your RRSP
First Home Savings Account (FHSA) – save tax-free money specifically for your first home
How Much Should You Save?
Here’s a quick guide based on Sudbury’s price ranges:
$300,000 home → Minimum down payment = $15,000
$450,000 home → Minimum down payment = $22,500
$600,000 home → Minimum down payment = $35,000 ($25,000 on first $500k + $10,000 on the remaining $100k)
$800,000 home → Minimum down payment = $55,000 ($25,000 + $30,000)
If you’re buying in Sudbury, the minimum down payment could be as low as 5%, but aiming for 20% can save you thousands in the long run. The right amount depends on your budget, your long-term goals, and whether you qualify for first-time buyer programs.
