Buying a home: The difference between deposit and downpayment
When it comes to buying a home in Canada, it’s important to understand the difference between a house deposit and down payment. While they may seem similar, they serve different purposes and have different implications for your home-buying journey. A house deposit is a small sum of money that you put down when you make an offer to purchase a home, while a down payment is a larger sum of money that you pay upfront when you take out a mortgage.
