Turning years of renting into a down payment and a mortgage that fits.
Stacking the FHSA and the Home Buyers' PlanAfter years of saving you can combine both first-time-buyer tools on the same purchase — FHSA withdrawals are tax-free forever, while HBP money must go back into your RRSP.
The stress test: qualifying at a higher rateLenders must qualify you at the higher of your contract rate plus 2% or the benchmark rate — so the mortgage you're offered is smaller than your income suggests.
Closing costs: the 1.5–4% on top of the priceBeyond the down payment, plan for land transfer tax, legal fees, inspection, title insurance and adjustments — typically 1.5–4% of the purchase price in cash.
Under 20% down? Mortgage default insurance explainedWith less than 20% down, mortgage loan insurance (CMHC or private) is mandatory — the premium is 2.8–4% of the loan and usually gets added to your mortgage.