10 Places to Get Your Mortgage Down Payment

The money. Up front!    In Canada you need a minimum 5% down payment from traditional sources in order to buy a home.

What does your down payment affect?

• How much you can afford to spend on your home – with every dollar you put as down payment, your mortgage payment gets smaller

• Your total monthly payment

What is the minimum down payment?

• 5% of the total purchase price

Where Can Your Down Payment Come From?

Your Money

  • Money you have in a Chequing or Savings account

  • TFSA, RRSP or other financial securities  (First Time Home Buyers can take up to $35,000 out of their RRSP tax free)

  • Sale of existing property

  • Sale of any personal property with receipt (vehicle, machinery, etc)

  • Any money you have available from the sale of any crap you no longer need or toys you no longer use

Other People’s Money


  • A non-repayable gift from a related family member (parent, sibling, grandparent, aunt/uncle)

  • Requires the gifter to sign a letter stating amount of gift and that the gift is not a loan

  • Gifted funds are very common as parents help their children get started in the housing market.

First Time Home Buyer Incentive (FTHBI)

IMPORTANT NOTE – Lenders also require you to show 1.5% of purchase price available for closing costs.

This 1.5% can be own source or gifted funds.

Want to learn more?   Check out my Ebook Home Buyers Guide HERE

Are you ready to become a homeowner, but unsure of where to start? Getting lots of advice but no concrete answers? Overwhelmed by the mortgage process?

I put together a Home Buyers Ebook for you.  So you can get excited about house shopping with clarity on your budget and confidence in your investment.

For the past 8 years, I have been active in the mortgage and lending industries, engaging with clients and helping them fulfill their dreams of home ownership.

This Ebook addresses the main information you “need to know” before you head out to find your perfect hom.

You will learn vital finance tips, ideas to improve your mortgage application, ideal realtor relationships and more to ensure you purchase a property thatwill serve your housing needs as well as your long term financial goals.

Check out my Ebook Home Buyers Guide HERE



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