Most buyers need 5–20% depending on the home price and mortgage type. Sudbury realtor Tanya Vanden Berg explains what buyers should budget for and how local prices affect your down payment.
In Canada, the minimum down payment is:
5% on homes up to $500,000
10% on the portion between $500,000 and $999,999
20% on homes $1 million+
Since many Sudbury homes fall between $350,000 and $600,000, most buyers put down 5–10%. Tanya helps buyers compare neighbourhoods like New Sudbury, Garson, Minnow Lake, and the South End to see where their budget goes the furthest.
Remember, a down payment isn’t the only upfront cost. You’ll also need funds for:
Closing costs (legal fees, land transfer tax, home inspection)
Moving expenses
Possible repairs or upgrades
Deposit (usually 1–5% submitted with an offer)
A larger down payment can lower your monthly mortgage payments and reduce CMHC mortgage insurance. But many first-time buyers choose the minimum so they can enter the market sooner. Sudbury’s affordable prices often help buyers get into detached homes faster than in larger Ontario cities.
If you’re unsure what down payment makes sense, Tanya connects buyers with trusted mortgage professionals who can break down the numbers clearly.
Understanding your down payment helps you shop confidently and stay within budget.
👉 Need help planning your purchase? Contact Tanya Vanden Berg to start your buyer journey.