Tag Archive: down payments


Ominous Data From CMHC

The Mortgage Report – May 19 5% Down Payments at Risk? Canada’s housing agency says it must “avoid exposing young people” and “taxpayers” to “amplified losses that result from falling house prices.” CMHC CEO Evan Siddall said today, “Unless we act, a first-time homebuyer purchasing a $300,000 home with a 5% down payment stands to lose over $45,000 on their...

First-Time Home Buyer Incentive. A Bridge to Nowhere?

If you’ve been waiting for details about the First-Time Home Buyer Incentive (FTHBI) program, hoping it would help you qualify for a mortgage, you may be disappointed. The government finally showed all its cards with the FTHBI scheme and we can’t find many cases where it would actually improve someone’s buying power—i.e., bridge the gap between high home prices and what...

Save for 4,635 Days. Beat the Stress Test

Just failed the mortgage stress test and feeling down? Have no fear, a bigger down payment will get you to the mortgage promised land. By putting down more, you’ll lower your debt ratio and be passing the stress test before you know it…as long as you don’t expect a mortgage before 2031. That’s how long stress test flunkies would have...

The Latest on Ottawa’s First-Time Home Buyer Program

The details on the government’s much-hyped First-Time Home Buyer Incentive (FTHBI) continue to trickle out. The latest clues on its operation come from Evan Solomon’s interview with CMHC CEO Evan Siddall. In that interview, Siddall comments on some lingering FTHBI question marks, namely: The Maximum Home Price The maximum home price under the First-Time Home Buyer Incentive ranges from $505,000...

Down Payment Assistance Programs Across Canada

So many young people want to build home equity and get out from under their landlord’s thumb. But they can’t. They don’t have the down payment to qualify for a mortgage. For many modest-income Canadians, saving up the 5 percent minimum down payment (or 20 percent if you want to avoid CMHC insurance) can take years—many, many years. While some...