Down Payment Options

Don't have the usual 20% down payment?
No worries - Increase your leverage with a high ratio mortgage! This consumer-oriented program makes the dream of home ownership a reality for more Canadians than ever before.

#1 Use your RRSP
First Time Home Buyer? Don't forget about the RRSP Home Buyer's Plan. It can be all or part of your down payment. The rules have changed in recent years, so if you think you know them, double check here!

#2 Family Gift
A gift from a family member is an acceptable down payment as long as the money is a true gift and has no terms of repayment attached to it.

#3 Borrow the Down Payment
You may be able to borrow the down payment as long as you qualify for this particular program and can afford the additional payment.

#4 Cash Back
Several mortgage companies do offer "cash back" options, in exchange for a higher interest rate for the first term of your mortgage, that may be able to be used as part or all of the down payment.

Who is Eligible?
These programs are no longer only available to first time home buyers. Anyone who meets the lending criteria outlined by the individual companies can qualify! For more information, click here!