What Size of Deposit Do I Need to Submit With an Offer on a Property?
What size of deposit do I need to submit with an offer on a property?
Thursday, October 13, 2022
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You likely know what size of down payment you'll need to set aside to purchase a house, but have you given much thought to the money you will have set aside for a deposit with your offer to purchase?
Down payment and deposit are not necessarily synonymous. Money that is going to be used for a down payment may be held in investment accounts that cannot be liquidated within 24 hours, or may be in the form of an RRSP if you are a first time buyer.
The reason this is important is because deposits are getting bigger and bigger in our current multiple offer market, and positioning yourself so that you can bring an adequate deposit to the table can help your changes of winning a property in competition.
In this video I cover come of the current deposit sizes we are seeing in our local Peterborough Ontario Market.
Look for the "PTBO Housing Show" on all major podcast platforms.