Real Estate

New Deposit amounts vs HBP

  • Last Updated:
  • Mar 2nd, 2019 6:51 pm
Mar 1, 2019
2 posts

New Deposit amounts vs HBP

Hey guys. Hoping for some help here. We are a young family of 7 looking to break into the real estate market in the GTA. Our budget is $535k so we are aware that a condo townhome is in our future. However, we’ve spent the past 2 yrs taking advantage of filling my husband’s RRSPs for the purpose of utilizing the HPB. We’ve recently started house hunting and just found out that the deposit requested within 24hrs of an offer is about $20k. The lowest we’ve seen accepted is $15k. But if HBP is our plan (like so many) is it possible to get ahold of those funds within 24hrs of putting in an offer? Our funds are liquidated already and in TD. We have a finance person we’ve been dealing with at our branch and she hasn’t called us back this week to answer this question. But I’m just wondering if we are completely screwed here or if we still have a possibility to make this work. I can’t imagine going through all this to only have to save for another 2 years and deal with continued rising prices, etc. Thanks in advance!
1 reply
Deal Fanatic
User avatar
Feb 2, 2014
7359 posts
Do you not have a real estate agent who could answer this?

You can do multiple deposits. So if you have $10k in your bank account, you can do a $10k deposit now and another $10k in 1 week (after the RRSP arrives).

Hope that helps.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects