Before we look at any house, I answer five questions with every Spanish-speaking buyer. How much cash you need. What the bank will ask for. Who pays whom. Whether a home with two to four units should be your first home. Where the numbers work. The first answer sets everything else: the average freehold home in Hamilton sold for $733,622 in October 2026, says our Hamilton market report for October 2026. (Freehold means houses, semis and townhouses you own outright.) So the minimum down payment on that average home is about $48,400.
Homes there took 40 days to sell on average that month. That's time to prepare. I'd rather you spend it on these five answers than on weekend showings.
1. How much cash do you really need?
The down payment is the money you put in yourself. The rule in Canada is 5% on the first $500,000 of the price and 10% on the part above it. On $733,622, that comes to about $48,400. That is my math, not a quote from a bank.
Then come closing costs. These are the bills on the day the home becomes yours: the lawyer, land transfer tax (a provincial tax on buying) and a few smaller fees. I don't put one number on closing costs. It depends on the price and the lawyer. What I watch for is buyers who save the down payment and nothing else. If you are buying your first home in Ontario, you can get up to $4,000 of the land transfer tax back. Ask your lawyer to claim it.
2. What will the bank ask you for?
The bank wants proof of three things: your income, your history of paying bills, and where your down payment came from. For newcomers, the third one causes the most trouble. Money that arrives late, in pieces, from three accounts in two countries, makes the bank slow down and ask questions, and sometimes that happens a week before you have to close.
So move the money early. Let it sit in one Canadian account. Keep every transfer slip.
I hold this first meeting in Spanish. But I say the English words the bank will use, like "gift letter" and "proof of down payment," right alongside. That way nothing sounds new when the bank says it.
3. Who pays whom?
This one confuses people most, because it works differently in Mexico and much of South America. In Ontario, you pay the deposit when the seller accepts your offer. It is held in trust, which means safely, until closing. You pay your own lawyer and your home inspector. In most sales here, both agents are paid from the seller's money when the sale closes. Your written agreement with me says what happens if a sale is set up differently. Read it before you sign. I'll go through it line by line with you in Spanish.
4. Should your first home have two, three or four units?
Often, yes. You live in one unit and rent out the others. That rent helps pay your mortgage. People call this house hacking, and it is how many families build a start here. The rules change with size. For two units, the down payment follows the same rule as a regular house, and up to 100% of the rent can count toward what you can afford. For three or four units, you need at least 10% down, and only up to 50% of the rent counts.
On the rent side, a self-contained unit in Hamilton was asking a median of $1,795 a month in the twelve months to November 3, 2026. That's an asking price from rental listings, not a signed lease. Treat it as a guide. My guide to Hamilton investment properties walks through the rest of the math.
5. Where do the numbers work: Hamilton or Niagara?
I live in Grimsby, so I drive this stretch all the time. Prices drop as you go east. In St. Catharines, the median asking price for a triplex over the last twelve months was $649,000, about $216,333 per unit, in our St. Catharines duplex, triplex and fourplex report. That's an asking price, not a sale price. At 10% down, that's $64,900 for three units. That is more cash than the average Hamilton house needs, but you get two rents coming in.
My opinion, and some agents will disagree: a first-time buyer with a steady job and $65,000 saved should look hard at a triplex in Niagara before a single-family house in Hamilton. Your family may need the space later. A rented unit can become theirs.
Questions people ask
Can my family in Mexico send money for my down payment?
Yes. A parent or close relative can gift it. The bank will usually ask them to sign a gift letter, which says the money is a gift and never has to be paid back. Send it early so it has time to sit in your Canadian account.
Can I buy a home in Ontario if I am not a permanent resident yet?
It depends on your status. Canada has a ban on most non-Canadians buying homes, set to run until January 1, 2027. There are exceptions, including some people on work permits. Ontario also charges a 25% tax on some foreign buyers, so ask a lawyer about your exact status before you make an offer.
Do I have to fly in to buy a home for a relative?
Not always. In Ontario, many papers can be signed online, and the lawyer handles closing day. Someone you trust should still walk through the home in person or on a live video call before you commit.
Start with one conversation
You don't need to know which house yet. You need these five answers on paper. Book a short first call with our team, and we'll start with question one.
En español
Antes de ver una sola casa, respondo cinco preguntas con cada comprador: cuánto dinero necesita, qué le pedirá el banco, quién le paga a quién, si le conviene una casa de dos a cuatro unidades y dónde salen los números. En Hamilton, el precio promedio en octubre de 2026 fue de $733,622, así que el enganche mínimo ronda los $48,400. Si su familia en México o Sudamérica le va a ayudar, mueva ese dinero temprano y guarde cada comprobante. El siguiente paso es sencillo: escríbame y empezamos por la primera pregunta. Me encuentra en mi página con Found Spaces.