Canadian and Ontario Investors in 2022

[Hayden Taylor-Broadley]

I’m a 23 year old, aspiring real estate investor. Living in Brantford Ontario about 1hr 1/2 from down town toronto. The pricing on homes in ontario are astronomical… Being 23 I never thought I could possibly make enough smart investments to even get started in this market. Where your average single family 3 bedroom home was listing at 650-700,000… After reading Brandon Turners books, reading forums, and talking to other investors. I’ve realized that not only is it possible but very easy to accomplish through double and triple checking your numbers. So for that alone I thank all of you at BiggerPockets :)

Getting to my main question however, I’ve found that the largest problem is your initial down payment. Being 23 I only have about $6000 canadian saved. But I want to get into the market before any sort of big changes hit the market. I want to be able to put as little down as possible and use a private investor/partner to supply the down payment. Does anyone know what the first time home buyers Potential minimum down payment is? 

For Ontario Canada 

[Nick Vazquez]

Roy is right, the minimum downpayment you can go with is 5% and that's on a house where the purchase price is $500k or below. The minimum you can put down goes up slightly when the purchase price is between $500k - $1M. Definitely connect with a mortgage broker to see all your options.

If you're only 23 and just starting out, your initial strategy could be to buy a primary residence with 5% down and then rent out the other bedrooms to greatly reduce your living expenses. That way you can accelerate your savings and learn how to be a landlord in the process. Once you do that for a few years you can move out and repeat the process or start buying pure rental properties. Hope that helps!