In Canada, the minimum down payment is 5% on homes up to $500,000, and 10% on the portion between $500,000 and $999,999. For homes $1 million and above, you need 20% down. I will help you understand exactly what you need and how to structure your down payment most effectively.

In Canada, the minimum down payment is 5% on homes up to $500,000, and 10% on the portion between $500,000 and $999,999. For homes $1 million and above, you need 20% down. I will help you understand exactly what you need and how to structure your down payment most effectively.

Ideally, speak with a mortgage broker before beginning your home search. Understanding your purchasing power and the options you have available to you can prevent wasted time and help you shop strategically. Allowing you to know the optimal purchase price but allowing to understand the upper limits along with the different option you have available to you in this type of mortgage product. The ultamite goal is to keep you well informed so you can make the best decisions without the stress.

Yes. Gifted down payments from immediate family members are accepted by most lenders. There are specific documentation requirements — a signed gift letter confirming the funds are not a loan — and I will walk you through exactly what is needed so there are no surprises at approval.

Mortgage portability means you can take your existing mortgage with you when you sell your home and buy a new one. Not all lenders offer true portability, and the terms vary significantly. This is one of the details I review carefully with every client, because moving is expensive enough without an unnecessary mortgage penalty on top.