5% of the purchase price for homes up to $500,000. For homes between $500,000 and $1,499,999, it's 5% on the first $500K plus 10% on the remainder. For $1.5M+, minimum 20% is required. We calculate your exact requirement.

The First Home Savings Account (FHSA) allows first-time buyers to contribute up to $8,000/year (lifetime max $40,000), get a tax deduction, and withdraw tax-free for a qualifying home purchase. It's essentially a TFSA + RRSP hybrid for first homes.

Yes. You can use both FHSA (up to $40K lifetime) and RRSP HBP ($35K per person) for the same home purchase. A couple could combine up to $150K in government-supported down payment savings.

CMHC insurance protects the lender when you put down less than 20%. The premium is 2.80%–4.00% of the mortgage amount, added to your mortgage. On a $600K purchase with 5% down ($30K), the CMHC premium is approximately $22,000.

As of August 2024, first-time buyers purchasing new builds can access 30-year amortization on insured mortgages, reducing monthly payments vs the standard 25-year maximum. We confirm your eligibility at pre-approval.

Yes. Most A-lenders accept gifted down payment funds from immediate family (parents, siblings, grandparents). A signed gift letter is required confirming the funds are a gift with no repayment obligation. We guide you through this process.

For CMHC-insured mortgages (under 20% down), most lenders require a minimum 620 credit score. For the best insured rates, 680+ is recommended. We'll tell you exactly where you stand and how to optimize before applying.

This depends on your local market and opportunity cost. In many Ontario markets, the equity built during the time it takes to save 20% while renting exceeds the CMHC premium cost. We model both scenarios for your specific numbers.