The size of a down payment can vary. Depending on the type of mortgage, down payments may vary depending on whether you use a primary or secondary lender.

To obtain a conventional mortgage, home buyers are required to put down at least 20% of the purchase price or appraised value (whichever is less) as a down payment.  If your down payment is less that 20%, then it is considered a high ratio mortgage and you will need to purchase default insurance.

Whether you choose a conventional or a high-ration mortgage, one thing is almost always certain, the larger your down payment, the more you save in the long run.

A Larger Down Payment, . . .

• Reduces the amount of your monthly principal and interest payments
• Reduces the total amount of interest you pay over the life of your mortgage

Ask about the RRSP Home Buyers’ Plan available for First-Time Buyers?

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