While planning to purchase any property in Ontario, putting 20% down of the purchase price is typically the norm. However, there is no rule requiring a mandatory 20%, whether it is a resale purchase or in pre-construction.
Depending on the seller's agreement, you can pay less than 20% if they will consider it. In many pre-construction projects, you will see various deposit structures that range anywhere starting from only 5% down or more to secure your unit and gain occupancy.
But be aware, while purchasing with less than 20% is allowed and gives buyers the opportunity to secure a title, either due to a low budget, or as savvy investors trying to maximize their overall leverage for the return of value on the property, any mortgage balance being assumed over 80% of the purchase price must be insured.
Use the calculator above to find out what that would cost and raise your overall principal to.