Purchasers are required to have a down payment. First time buyers may qualify for as low as 5% of Purchase Price or as low as 0%. Check with your lender.

A down payment of less than 25% of the Purchase Price constitutes a high ratio mortgage, requiring CMHC mortgage loan insurance. This fee ranges from 1.25% to 3.75% of the total mortgage. It is usually added on to the total loan amount. At the time of application to CMHC there is an application fee. Check with your lender for further details.

 



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