Wouldnt it be nice if buying houses was like the latest new car promotion?
No down payment, no interest for 12 months! Sure, and wed love it if Revenue Canada just took our word for it on what we owe this year. Where has the trust gone?
But until things change, youll have to deal with the reality of down payment requirements when planning your next home purchase. In an ideal world, that means putting up 20 per cent of the purchase price and avoiding that nasty high-ratio mortgage insurance. If youre like most buyers though, the 5 per cent minimum is more realistic.
The challenge is that with many homes selling for $300,000 and up these days, even 5 per cent, or $15,000, can be daunting for the first time homebuyer. However,…