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Down Payment

Finding a great mortgage rate can help make the dream of real estate ownership a reality, but it's not the only important
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By this time next week, you will no longer be able to buy a home in Canada priced at more than $500,000 with a five-per-cent down payment. Big deal or no deal? It seems to depend on what market you're in.
On Feb. 15, 2016, Canada's new mortgage rules kick in, mandating higher minimum down payments for homes priced higher than $500,000. But if you're planning to buy a home for less than that figure, you're in luck -- there's plenty of hot markets across Canada with average home prices of less than $500,000.
At the end of the day, would you rather pay $1,800 in rent or mortgage?