Blog Archives

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Can I use my RRSP to help buy a house?

March 27, 2013

Yes: about half of first-time homebuyers dip into their RRSPs to help finance a down payment. Under the federal government’s Home Buyers’ Plan, you can use up to $25,000 in RRSP savings (more...)

Can I use cash gifts as a down payment?

March 27, 2013

Yes, but the lender may ask for written confirmation from your generous family member that the funds really are a gift and not a loan. If you need mortgage loan insurance, CMHC (more...)

What’s the minimum down payment I need to buy a house?

March 27, 2013

It depends on a few things: The price of the house. In most cases, the minimum down payment is 5% of the purchase price.  Any purchase price greater than $250,000 requires a (more...)

What’s a down payment?

March 27, 2013

It’s the portion of the purchase price that you furnish yourself: your initial equity in your new home. The larger your down payment, the less your home will cost in the long (more...)