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      09-18-2012, 03:28 PM   #1
Dolittle
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Canada peeps: Whats the usual down payment on purchasing a house?

Just out of curiosity and a possible future purchase.

Here in the US, we tend to put 20% down. How are most mortgages structured in Canada? Looking at a property 10-15mins outside downtown TO.
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      09-18-2012, 03:36 PM   #2
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Not sure how most mortgages would be structured. But 20% down or more is a good way to go as anything less is subject CMHC insurance premium which will be added to the mortgage. A down payment as little as 5% down is possible.

Good luck in your search. I live in the GTA, lots of choice, just be conscious of your possible commute depending on where you want to live and work.
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      09-18-2012, 05:32 PM   #3
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It depends, if you qualify for CMHC financing you can purchase mortgage insurance which will allow you to make a down-payment as low as 5%, assuming the purchase price is less thatn $1,000,000.00. But when you take this option, you pay a premium that varies based on whether you are self employed or not and on the value of the home. If you don't want to go that route, you have to put 20% down.

Check out this website http://www.cmhc-schl.gc.ca/en/co/moloin/moloin_003.cfm
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      09-18-2012, 05:52 PM   #4
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Quote:
Originally Posted by Dolittle View Post
Looking at a property 10-15mins outside downtown TO.
I am not sure what you mean. If driving, you probably will still be in downtown.

Amortized up to 25 years.

I am sure you have heard lots of talk about a 'bubble'. The market softened the past month as per the monthly stats.
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      09-18-2012, 05:58 PM   #5
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Quote:
Originally Posted by dtwyim View Post
I am not sure what you mean. If driving, you probably will still be in downtown.

Amortized up to 25 years.

I am sure you have heard lots of talk about a 'bubble'. The market softened the past month as per the monthly stats.

I want to look at places with 10-15min drive outside of downtown. I'll take a look at the site. Thanks for help guys!
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      09-18-2012, 06:29 PM   #6
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Quote:
Originally Posted by Dolittle View Post
I want to look at places with 10-15min drive outside of downtown. I'll take a look at the site. Thanks for help guys!
During rush hour, 15min won't get you far. Hence my prior comment. Sometimes subway might be a better bet. Or plan on staying in the car longer.

Just my 2 cents.
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      09-18-2012, 07:55 PM   #7
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If I'm not mistaken, the downpayment has been raised to 35% by Mark carney so the government can reel in excess mortgage debt. And the amortization period has been reined in to 30 years (or 25?). Not sure if these are in effect as of right now. But I believe they are.
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