Most buyers need 5% of the purchase price, but your exact amount depends on the home’s value and your financial goals. Here’s a simple breakdown.
For homes under $500,000 — which covers many Sudbury properties — the minimum down payment is 5%. So if you’re buying a $400,000 home, you’d need at least $20,000.
For homes between $500,000 and $999,999, you need:
5% on the first $500,000
10% on the remaining amount
Anything over $1 million requires a 20% down payment, but most Sudbury buyers stay comfortably within the lower ranges.
Keep in mind, you’ll also need closing costs, usually around 1.5%–2% of the purchase price. This covers legal fees, land transfer tax, and adjustments. Budgeting for these ahead of time keeps things stress-free.
Many first-time buyers use savings, RRSP withdrawals through the Home Buyers’ Plan, or gifted funds. You don’t need a giant pile of cash — just a clear plan. As Tyler Peroni often tells buyers, “Focus on what you can afford monthly first. The down payment we can build around that.”
Even with a minimum down payment, you can still buy a great home in Sudbury.
👉 Want help figuring out your numbers? Reach out to Tyler Peroni for a simple, no-pressure breakdown.