Condos with 5% Downpayment
I have been doing some research about buying a property and since I cannot afford a house and don't have a large down payment, I am going for condos. I want to know if there's any major disadvantage in buying a condo with 5% down payment? For example, if i buy a property near union station for 300K and only put 15K as downpayment, is there something that could seriously go wrong? What are the major disadvantage?
Also, I just found out about this pre-construction condo with only 5% down: http://realestatepartner.ca/daniels-wyatt-condos
Please tell me why I should or shouldn't go for this pre-construction condo?