The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
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Can I Still Get a “Zero Down” Mortgage with a Credit Union?
– ratesupermarket.ca
In the aftermath of the “Great Recession” when the U.S. housing market imploded, sending the global economy into a tailspin, Canada’s financial institutions were resoundingly praised for their stability and sound lending practices. Still, our country’s financial leaders recognized that there were some risks inherent in the system, and mortgage regulations were introduced to tighten any loopholes.
One notable series of changes, introduced by the Office of the Superintendant of Financial Institutions revolved around residential mortgages, including efforts to stop banks from offering “cash back” or “zero down payment” mortgages. As of 2008, buyers have been required to make a minimum 5 per cent down payment on their home purchase when taking out a mortgage with a federally-regulated lender.
But since credit unions are regulated provincially, they don’t fall under OSFI rules, and are able to offer many mortgage options that the banks increasingly can not, meaning the zero per cent down mortgage does, technically, still exist…
Can I Still Get a “Zero Down” Mortgage with a Credit Union?
– ratesupermarket.ca
In the aftermath of the “Great Recession” when the U.S. housing market imploded, sending the global economy into a tailspin, Canada’s financial institutions were resoundingly praised for their stability and sound lending practices. Still, our country’s financial leaders recognized that there were some risks inherent in the system, and mortgage regulations were introduced to tighten any loopholes.
One notable series of changes, introduced by the Office of the Superintendant of Financial Institutions revolved around residential mortgages, including efforts to stop banks from offering “cash back” or “zero down payment” mortgages. As of 2008, buyers have been required to make a minimum 5 per cent down payment on their home purchase when taking out a mortgage with a federally-regulated lender.
But since credit unions are regulated provincially, they don’t fall under OSFI rules, and are able to offer many mortgage options that the banks increasingly can not, meaning the zero per cent down mortgage does, technically, still exist…
