Can a first-time home buyer have a mortgage co-signer? + MORE Sep 17th

Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News

OSFI report reveals largely unknown mortgage exemption: no stress test on insured switches + MORE Oct 23rd

Many in the mortgage industry reacted with surprise after learning about a little but very important nugget buried in an OSFI report released earlier this week..... More »

How new mortgage brokers are overcoming the challenges of today’s high-rate environment Jan 24th

It's no secret that the current high-rate environment has been challenging for mortgage borrowers and mortgage professionals alike..... More »

What mortgage professionals can expect at the upcoming MIC trade show Apr 30th

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CMHC exceeds 2023 housing goals despite economic headwinds May 12th

The Canada Mortgage and Housing Corporation surpassed its 2023 housing targets despite difficult economic conditions and internal financial struggles..... More »

Home prices could hit peak levels by next year, set new highs in 2026: CMHC report + MORE Apr 6th

The Canada Mortgage and Housing Corp. is forecasting home prices could match peak levels seen in early 2022 by next year and reach new highs by 2026..... More »
Early-stage delinquencies on both mortgage and non-mortgage debt continued to rise in the second quarter, a sign that high interest rates are increasingly weighing on Canadian borrowers.

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If you’re in the market for your first home but need help coming up with the financing, you do have some options, including asking someone to co-sign the mortgage. Involving a third party is probably not what you envisioned for home ownership, but recent interest rate hikes and rising real estate prices have made it harder for many Canadians to afford a home. (Good news: You don’t have to actually live with the third party, if you don’t want to.) We’ll show you how this strategy, along with government programs like the new first home savings account (FHSA), can help you purchase your first property.

What is the minimum down payment in Canada?

A big factor in Canadians’ ability to purchase a home is having the down payment—the amount of money a buyer pays up front when purchasing a property. This amount is taken off the purchase price of the home and is subsequently not included in the mortgage loan. So, the larger your down payment, the better—you’ll pay down your mortgage faster and pay less interest over time, and you’ll likely be able to purchase a more expensive house…

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