down payments Archives - Mortgage Rates & Mortgage Broker News in Canada

What you need to know before helping your child with a home down payment

October 31, 2024 No Comments

With the benchmark prices for a home in Toronto or Vancouver at over a million dollars, the prospect of saving enough for a down payment to enter the real estate market can be a daunting task for first-time buyers.

Proof of down payment: The biggest hurdle for mortgage professionals

August 2, 2024 1 Comment

For mortgage professionals, verifying a client’s down payment sources can be one of the most challenging aspects of the mortgage approval process.

Homeownership costs easing, but “long way to go” before affordability is restored: RBC

July 4, 2024 No Comments

Borrowers experienced a slight reduction in homeownership costs in the first quarter, despite affordability remaining near its worst level ever.

Here’s why prospective first-time buyers should open a First Home Savings Account before Dec. 31

December 19, 2023 No Comments

The new First Home Savings Account (FHSA) is being hailed by some as “the greatest deal in the history of Canadian savings.”

Optimism prevails among first-time and prospective homebuyers despite economic challenges, survey finds

June 20, 2023 No Comments

Despite rising interest rates and a challenging economic environment, first-time and prospective homebuyers are much more optimistic about Canada’s housing market compared to the general population.

Housing affordability worsened in Q2, but should improve due to falling prices

August 22, 2022 No Comments

Housing affordability in Canada reached its worst level in 41 years in the second quarter, which is shortly after home prices peaked.

Time needed to save for down payment growing

Housing Affordability Worsens, Time Needed to Save for a Down Payment Increases

November 10, 2021 No Comments

Even before fixed mortgage rates started rising last month, housing affordability continued to deteriorate in the third quarter.

Parents helping kids with mortgage down payments

Parents to the Rescue: Average Size of Gifted Down Payments Rises to $82,000

October 25, 2021 No Comments

As home prices have risen sharply in recent years, so too has the amount of down payment assistance parents are willing to give their kids.

best practices for down payment verification

Best Practices to Verify Your Clients’ Down Payments

May 25, 2021 3 Comments

Proving the source of your clients’ down payments can sometimes be the most time-consuming part of arranging a mortgage. Even when handled well, the process

High Home Prices a Growing Obstacle for First-Time Buyers

April 19, 2021 No Comments

The ongoing surge in home prices across the country is discouraging a large number of young non-homeowners, many of whom say they’re giving up on

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