How Much Money Do You Really Need to Buy a Home in Ontario?
One of the biggest misconceptions is that you need 20% down to buy a home. That’s not always true—especially for first-time buyers.
Minimum Down Payment in Canada
- 5% on homes under $500,000
- 10% on the portion between $500,000–$999,999
Example in Woodstock
If you’re buying a $500,000 home:
- Minimum down payment = $25,000
Other Costs to Plan For
Closing Costs
Typically 1.5%–4% of the purchase price, including:
- Legal fees
- Land transfer tax
- Title insurance
Home Inspection
Around $400–$700
Moving Costs & Setup
- Movers
- Utility setup
- Basic furnishings
First-Time Buyer Programs
You may qualify for:
- First-Time Home Buyer Incentive
- RRSP Home Buyers’ Plan
- Land transfer tax rebates
Final Thoughts
You likely need more than just your down payment—but maybe less than you think overall.
Want a breakdown based on your situation? We can help you map it out clearly.
Buying or selling?
Thinking of buying or selling in Woodstock?
Talk to Team Beckett — straight answers, local expertise, and a plan built around you. No pressure, ever.
Keep reading
All posts →
Closing Day Explained: What to Expect & How to Prepare
Closing day is the final step and the moment you have been waiting for. Here is what to expect and how to prepare.
Read more
What Happens After Your Offer Is Accepted? (Step-by-Step)
Your offer is accepted—congrats! Here is a step-by-step look at what happens next, from deposit to closing.
Read more
How to Make a Winning Offer in Woodstock Ontario
Making an offer is where strategy matters most. The goal is to win the home without stretching beyond your comfort zone.
Read more