Reasons to buy a home today

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Moving from renting to owning has its benefits. You can build equity, save money for big purchases and even design your dream home.

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Help pay for your down payment or home purchase by withdrawing up to $35,000 from your RRSP. Get money back with government of Canada programs to support home buyersOpens a new window in your browser..

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Rent out part or all of your home. Rental income can help you pay down your mortgage faster. You can determine how much rent to charge or who the tenants are.

What you need to buy a home

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Start with your down payment

This is the amount of money you put towards buying a home. The minimum amount you pay varies depending on the purchase price.

The minimum down payment required for a mortgage ranges from 5% for homes that cost less than $500,000. For homes that cost $500,000 to $999,999, the minimum down payment is 5% of the first $500,000 plus 10% of the remaining balance. The minimum down payment for homes that cost $1,000,000 or more is 20%.


Make your down payment at least 20% of the property value to lower your monthly mortgage costs and amount of interest you'll pay over the term.

If you put less than 20% down, you'll need mortgage default insuranceOpens a new window in your browser..

You've got options to collect funds and reduce the amount of mortgage you need.

Home Buyers' Plan (HBP)

If you're a first-time home buyer you can withdraw up to $35,000 from your RRSP to help buy a home.

Savings accounts

Save your dollars and add them to a high interest or tax-free savings account.

Other sources

Put monetary gifts from family, tax refunds and work bonuses towards buying your dream home.

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Budget for closing and other costs

These are legal and administrative fees you pay when your purchase closes. Typically, closing costs are 2 to 4% of the home purchase price. There are many types of costs to keep in mind:

  • Legal fees
  • Home inspections
  • Home appraisal fees
Show all closing and other costs

We're here for you

Our mortgage specialists will take the time to understand your financial situation and give you the best options. Whether you want to chat about rates or ask for advice, they’re always available to help.

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Calculate how much mortgage you can afford

Tell us a bit about your finances and we'll tell you how much you may qualify to borrow. The results are based on the posted rate. This helps you stay on budget if interest rates change. Your actual rate could be less.

Top mortgage and home buying FAQ


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"My mission is to help first-time home buyers get a dream home they can afford."
Freshta T., Mortgage Specialist