By Samantha Crowley, REALTOR® | Peterborough & Kawarthas
There’s a moment almost every buyer has, usually late at night, scrolling listings, imagining what life could look like in a new home, when the question quietly comes up:
“Could I actually do this?”
Not just should you buy… but can you afford to?
And more specifically:
“How much do I really need to buy a home in Peterborough right now?”
The answer might surprise you in the best way.
Let’s Start With What Most People Think
Most buyers assume they need:
- A massive down payment
- Perfect finances
- And years of saving before they’re even close
But in reality, many buyers are closer than they think. They just don’t have a clear picture of the numbers yet.
The Down Payment: It’s Not Always 20%
There’s a common misconception that you need 20% down to buy a home.
You don’t.
In Canada, the minimum down payment is:
- 5% on the first $500,000
- 10% on the portion between $500,000–$999,999
💡 What that looks like in Peterborough:
For a $600,000 home:
- $25,000 (5% of $500,000)
- $10,000 (10% of the remaining $100,000)
👉 Total: $35,000
✨ Buyer Myth #1: “I need 20% down to buy a home.”
Not true.
While putting 20% down can help you avoid mortgage insurance, many buyers successfully purchase homes with much less.
👉 The key is understanding what works best for your situation, not aiming for a number that may not be necessary.
The Piece No One Talks About: Closing Costs
This is where the biggest surprises tend to happen.
Beyond your down payment, you’ll want to plan for:
👉 Approximately 1.5% – 4% of the purchase price
This covers:
- Legal fees
- Land transfer tax
- Title insurance
- Adjustments (like property taxes)
💡 Example:
On a $600,000 home, that could be:
👉 $9,000 to $24,000
✨ Buyer Myth #2: “My down payment is the only money I need.”
This is one of the most common misunderstandings.
Your down payment is just one piece. Closing costs are just as important to plan for.
👉 The good news? Once you know they’re coming, you can plan for them confidently.
The Deposit: What You’ll Need When You Make an Offer
When you’re ready to make an offer, you’ll include a deposit.
Your REALTOR® will guide you on what an appropriate deposit looks like based on the home, the current market conditions, and how you want your offer to be positioned.
👉 The goal is to put forward a strong, competitive offer while still making sure you feel comfortable with the number.
And just so you know, your deposit goes toward your down payment, it’s not an additional cost.
✨ Buyer Myth #3: “I’ll lose my deposit if something goes wrong.”
This is a big one and it causes a lot of unnecessary stress.
If your offer includes conditions (like financing or a home inspection), you have a period of time to do your due diligence.
If you choose not to move forward during that time, your deposit is typically returned to you in full.
👉 Those conditions are there to protect you, not pressure you.
What Actually Matters Most: Your Monthly Comfort
It’s not just about what you can buy, it’s about what feels good to live with.
Your monthly costs may include:
- Mortgage payments
- Property taxes
- Utilities
- Insurance
✨ Buyer Myth #4: “If I’m approved, I can afford it.”
Just because a lender approves you for a certain amount doesn’t mean that number will feel comfortable in your day-to-day life.
👉 The goal isn’t to max out your budget, it’s to create a lifestyle that still feels balanced and enjoyable.
Programs That Can Make It Easier
Depending on your situation, there are options that can help:
- RRSP Home Buyers’ Plan
- First-Time Buyer Incentives
- Land Transfer Tax Rebates
What I’m Seeing With Buyers Right Now
The buyers I’m working with in Peterborough right now all have one thing in common:
👉 Once they understand the full picture, everything feels more possible.
It’s not about having all the answers upfront, it’s about having the right guidance along the way.
Still Wondering If You Should Buy Right Now?
If you're also thinking about timing, this is a great next step:
👉 Read this next:
Is Now a Good Time to Buy in Peterborough in 2026?
https://samanthacrowley.ca/is-now-a-good-time-to-buy-in-peterborough-2026
Start Exploring What’s Possible
👉 Browse available homes in Peterborough:
https://samanthacrowley.ca/residential
Want to See What This Looks Like for You?
If you’d like help breaking this down based on your situation, I’d be happy to walk through it with you.
👉 DM me “HOME” on Instagram @samanthacrowley_realestate
👉 Text me “HOME” at 705-872-6118
💌 Or subscribe to my newsletter for insights, opportunities, and local updates
https://samanthacrowley.ca/newsletter-sign-up
Helping you move forward with clarity and confidence, every step of the way.
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