What is the minimum down payment required for a home purchase of $350,000 in Canada?
Correct Answer
D) $17,500 (5%)
For a home priced at $500,000 or less, the minimum down payment is 5% of the purchase price. For $350,000 that is 5% × $350,000 = $17,500. The 10% tier applies only to the portion of a price above $500,000.
Why This Is the Correct Answer
Because $350,000 is at or below $500,000, the whole price is subject to the 5% minimum: 5% × $350,000 = $17,500.
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