Tag: down payment

Mortgage default insurance going up March 17

February 1, 2017 | By | Add a Comment

We’re all looking to save a little money – every little bit helps. If you’re planning to buy with less than 20% down, you have to get mortgage default insurance, because your mortgage is considered a high ratio mortgage. The insurance provides protection for the lender in the case of a default. Canada’s biggest insurer of […]

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How much do I need for downpayment in 2016?

January 1, 2016 | By | Add a Comment

New downpayment rules coming February 2016 If you’re buying a Canadian home in 2016, you may need a bigger downpayment. As of February 2016, the rules are changing, depending on the purchase price. If your house price is under $500,000, you’re in luck – the minimum downpayment stays the same at 5%. If your home […]

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Use your RRSP for the down payment on your first home – here’s how

June 6, 2013 | By | 3 Comments

Buying your first home? Wishing you’d saved more? Maybe you have, but didn’t know it. There are several programs to help first-time buyers get into home ownership.  The Home Buyers’ Program, or HBP, allows you to access RRSP money to purchase your first home. Why do it? The most obvious reason is to boost your down payment.  The bigger your down payment, the smaller […]

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