Sold House Buying Another How Much Down?

[2BLUE]

First house was bought with 5% down. (First time home buyer)

Now I've sold this house.

How much down do I need for the second house? 5% or 20%

[Sugarphreak]

...

[ercchry]

Depends if your money is better used elsewhere... but you can do 5% again, the rules only change if you are holding multiple properties

[avishal26]

Originally posted by ercchry
*snip*... but you can do 5% again, the rules only change if you are holding multiple properties

+1

[TimLacroix]

Originally posted by 2BLUE
First house was bought with 5% down. (First time home buyer)

Now I've sold this house.

How much down do I need for the second house? 5% or 20%

I believe the above posts answered your question.

If you are buying an Owner Occupied property, you can purchase with as little as 5% down payment. With 20% down, you do avoid paying the Insurance Premium (CMHC, Genworth, Canada Guaranty).

NOTE: For those that own a home and wish to buy another property, they can still purchase with as little as 5% down payment. This applies if:
1- you are purchasing a home that will be Owner Occupied (which means you are planning to rent the current).
or
2- you are purchasing a 2nd home for a family member or yourself... some restrictions apply but please call or PM for more details.