@BaronBlue - Interest rate is P-2.5ish. P being the Prime Interest Rate which is sitting at 5.25% now. Banks will loan 60% of their valuation of the property for properties valued below 8M. Above 8M it's 50%. Typically bank valuations are lower than asking prices so you need to fill the gap with cash. Maximum total loan:income ratio is 50%. ie. if you earn 40k/mth your max payments can not be more than 20k/mth. A typical example below for an unrenovated, old 500sq/ft apartment in town;
Price : 5M
Valuation : 4.2M
Downpayment : 1.68M (40% of 4.2M) + 800k (gap) = 2.48M
Agent Commission : 50k (1%)
Govt Tax : 150k (3%)
Legal Fees : ~30k (varies)
Renovations : 500k
Total Cash Required: 3.21M
Monthly Payments : 13,350/mth over 20 years