Downpayment Discussions, Offers & Promotions

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  • Advice for Accessing Equity for downpayment

    ... 18 years Currently on Prime - 0.7% 5 Year Variable Closed mortgage with RFA bank. Paying 1.75% High Ratio Mortgage with Mortgage Insurance (10% downpayment) Household Income: 200K+ (Full Time Permanent Employment) We are looking into Pre-construction projects to upgrade or invest in a second ...

    • roofgoof
    • Feb 22nd, 2022 5:36 pm
    • Forum: Real Estate

  • Rental Property - which tax year to deduct downpayment interest?

    Hi there:Building a new rental property. Purchased in September and had to put down two deposit increments. Property will not close until April. Could I deduct the interest on the deposited in tax year 2021? Or must I wait until closing/tax year 2022?Cheers

    • shanjam
    • Feb 14th, 2022 3:27 pm
    • Forum: Real Estate

  • No downpayment to take over family cottage, any suggestions?

    ... value of one. The cottage would be my second mortgage on a second property, as I already have a primary residence. Does this mean I need a 20% downpayment? I frankly don't have it, as most of my savings were intended for long-term and are locked in RRSPs and RESPs. I can scrape together 5%. ...

    • Curiousah
    • Jan 27th, 2022 7:19 pm
    • Forum: Real Estate

  • 35% minimum downpayment on rental properties as per CMHC?

    Wasnt sure if this was posted, looks like cmhc is contemplating increasing the downpayment to 35% to discourage investors to buy? and restricting sources of fund? https://financialpost.com/real-estate/mortgages/cmhc-to-review-down-payments-on-investment-properties-as-part-of-federal-strategy-to-tackle-housing-risks

    • masarwar
    • Jan 14th, 2022 12:27 pm
    • Forum: Real Estate

  • Moving downpayment money for a better rate

    Is it frowned upon to be moving down payment money to a different bank for a better savings rate? This wont trigger any issues with the 90-day proof of funds? We've been repetitively outbid and are thinking of bowing out of the rat race until after baby comes in a few months. Would like to move our ...

    • Veeshmack
    • Dec 21st, 2021 11:18 pm
    • Forum: Personal Finance

  • How does HELOC as downpayment for investment property work in Ontario?

    Can HELOC be used as downpayment? I thought that taking out a HELOC count as debt, which hurts the TDS. It is also "borrowed" funds which I think cannot be used for investment property. Also, I read somewhere that I can borrow ...

    • lolbeast
    • Dec 19th, 2021 11:55 pm
    • Forum: Real Estate

  • Downpayment - Options

    We have started our search for a townhouse/semi detached in the outskirts of GTA with a commute of 1 or 2 hours to Downtown. I work remotely and might have to travel to downtown once or twice a month. In order to put 5% as down payment we need around 50 to 60K out of which I have saved around 25K. S...

    • Stallion86
    • Nov 3rd, 2021 10:06 pm
    • Forum: Real Estate

  • Can my cousin from abroad send me gift for downpayment on my home in Canda?

    ... I too did help him 5 years ago when he was buying a new house. Question is: do banks in Canada allow gift deed from a cousin to be considered in downpayment? His source of funds is salary and savings, so all tax-paid money, and he will do a wire transfer and provide me a receipt of it too. Would ...

  • would a large downpayment help me get approved for a new car loan if i have bad credit?

    How much percentage of the price should I save for a downpayment to get approve for a new car loan if I have bad credit?

    • cutt3r
    • Jun 12th, 2021 10:20 pm
    • Forum: Automotive

  • Downpayment

    Hello, Preparing to pay the downpayment in the near future. We have funds in rrsp, tfsa, non-reg and my spouses business account. What order should we withdraw the funds to pay the down payment? I was thinking rrsp, non reg then tfsa. We ...

    • AnnCook
    • Feb 15th, 2021 8:57 pm
    • Forum: Real Estate

  • Spousal RRSP & Saving more downpayment v/s buying house..

    ... Home buyers program. This year I am again at a point where I am thinking should I put money in RRSP or save that in margin account to for further downpayment? if I dont put in RRSP I will pay 30%+ in taxes right now but if I put in RRSP and take out in 2 years towards home buying, I would have ...

    • CocoJambo
    • Dec 22nd, 2020 11:09 am
    • Forum: Investing

  • Issue: Questrade taking forever to withdraw funds, mortgage downpayment due soon

    Hi, so I need a small amount of money I was holding in my Questrade. I know, it should be in a HISA usually but I was killing it in the stock market and nearly doubled my money. Anyways now I need around 38k and I submitted the request on December 3rd. I had to complain quite a bit for the uploaded ...

    • Yass.Attack
    • Dec 8th, 2020 12:28 pm
    • Forum: Personal Finance

  • Can I afford a house my downpayment and income?

    ... I work in Oakville, but I'm willing to go as far as Georgetown, Burlington, Cambridge, Guelph and the good parts of Hamilton (e.g. Ancaster). My downpayment is $110,000. My combined income with my spouse is $145,000/year (before taxes and excluding bonuses). We have no debts and our credit scores ...

    • Barr90
    • Sep 29th, 2020 4:07 pm
    • Forum: Real Estate

  • CMHC ending 5% downpayment mortgages?

    They haven't said it directly, but it seems like a foregone conclusion based on the report below. Also "CMHC is now forecasting a decline in average house prices of 9 – 18 per cent in the coming 12 months." https://www.cmhc-schl.gc.ca/en/media-newsroom/speeches/2020/supporting-financial-st...

    • gei
    • May 20th, 2020 1:05 pm
    • Forum: Real Estate

  • Downpayment on lease

    I had my old car as gift for 9 years and looking for a new vehicle...I like the lease idea because I may move to other country after 3 years. Dealer offered a low trade in value so I tried to sell it privately and I found a buyer to generate $5000 cash 1. Should I put this $5000 cash into my lease p...

    • a16107
    • Mar 11th, 2020 5:51 pm
    • Forum: Automotive

  • [Koodo] KOODO - iPHONE XS - tab small - 340 downpayment

    this morning I saw iphone XS deal with small tab. Not sure it is a good deal or not . just posting incase if some one interested. Tab Small You'll pay $340 for your phone and put the rest ($240.00) on your Tab Pay a $10 monthly Tab charge for 24 months, and then you'll only pay your monthly plan cha...

    • david0101
    • Jan 14th, 2020 8:28 am
    • Forum: Expired Hot Deals

  • Downpayment - building real estate portfolio

    Hi all, I am excited to get into real estate investing. I purchased my first property, a triplex for 500k and will live in one of the units. I have ~200k saved up and would like to build a portfolio of properties. How much would you recommend I put down on the property? Given I'll be occupying the b...

    • dmblac
    • Nov 19th, 2019 8:55 pm
    • Forum: Real Estate

  • Gifted Downpayment

    Have a family member short on down payment and I was going to gift him some of the down payment. I have just bought a place and so am tapped out in terms of cash. I was just going to go into my line of credit and gift him funds from there. Not a lot of money though. Just $10k. The real question: 1) ...

    • canuckstorm
    • Jul 27th, 2019 10:46 am
    • Forum: Real Estate

  • Landlord wants to loan me money for downpayment to buy his unit

    ... while discussing the possibility of buying it with the landlord, he said he could sell it to me at a good price and even loan me the money for the downpayment if I didn't have it. Is that something that would be advisable to do? I'm just not sure how it would work.

    • mcbg1
    • May 15th, 2019 4:35 pm
    • Forum: Real Estate

  • New company provides 50% of downpayment for 30% of equity

    A new company is launching called Lendl - a 'downpayment lending platform' - which says they will provide 50% of the downpayment on a property in exchange for 30% of the profits when the property is sold. The term is for 25 years or any time before ...

    • TheSinner
    • Mar 7th, 2019 4:56 pm
    • Forum: Real Estate

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