Buying a home in Sudbury is exciting, but one of the first questions buyers ask is: “How much do I need for a down payment?” The answer depends on the price of the home, your mortgage type, and whether you’re a first-time buyer. Let’s break it down.
Minimum Down Payment Rules in Ontario
In Canada, the rules for down payments are the same across provinces, including Sudbury:
5% of the purchase price for homes under $500,000
5% of the first $500,000 + 10% of the portion above $500,000 for homes priced between $500,000–$999,999
20% minimum for homes priced $1 million+ (no CMHC insurance available)
👉 Example: If you’re buying a $450,000 home in Sudbury, your minimum down payment is $22,500 (5%).
How Much Do Most Buyers Put Down in Sudbury?
While the minimum is 5%, many Sudbury buyers aim for 10–20% if they can. Why?
Lower monthly mortgage payments
Avoiding mortgage default insurance (required if you put less than 20% down)
Building equity faster
In Sudbury, where average home prices are often lower than in major Ontario cities, saving 20% may be more realistic than in Toronto or Ottawa.
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.
Pro Tip: Talk to a local Sudbury realtor, like Tanya Vanden Berg and mortgage advisor early. They’ll help you figure out how much you really need and which programs you qualify for.
Looking for help buying your first home in Sudbury? Contact Tanya Vanden Berg, your local Sudbury realtor, for expert advice tailored to your goals.