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For owner occupied properties you need a minimum of 5% if the purchase price is less than $500,000. For example, if you're looking at a $300,000 home, you'll need $15,000.
If the purchase price is in the $500,000+ range, you will need 5% on the first $500,000 ($25,000) and 10% for any amount over $500,000. So for a $700,000 home, you'll need $45,000.
Rental properties and purchase prices $1,500,000+ require 20% or more.
If you're close to these amounts, we can sometimes work through creative solutions to get you there!
Any down payment that is less than 20% will require the lender to add a government-backed default insurance premium to your mortgage. Don't be alarmed — this is completely normal and an extremely popular program that allows Canadians to purchase homes with smaller down payments.
Your SIN is used exclusively to pull a credit report. Accessing your credit report helps us confirm your identity and guard against fraudulent activity. It is a necessary step in the mortgage process.
If you do not feel comfortable giving out this information, we will gladly follow-up to take the SIN over the phone. Adding your Social Insurance Number (SIN) is completely voluntary.
Effective 11 October 2024, Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) legislation applies to all mortgage brokers. It requires us to obtain information about clients who are politically exposed.
A foreign politically exposed person (PEP) is a person who holds or has held one of the following offices or positions in or on behalf of a foreign state: head of state or head of government; member of the executive council of government or member of a legislature; deputy minister or equivalent rank; ambassador, or attaché or counsellor of an ambassador; military officer with a rank of general or above; president of a state-owned company or a state-owned bank; head of a government agency; judge of a supreme court, constitutional court or other court of last resort; or leader or president of a political party represented in a legislature.
A domestic politically exposed person (PEP) is a person who currently holds, or has held within the last 5 years, a specific office or position in or on behalf of the Canadian federal government, a Canadian provincial (or territorial) government, or a Canadian municipal government: Governor General, lieutenant governor or head of government; member of the Senate or House of Commons or member of a legislature; deputy minister or equivalent rank; ambassador, or attaché or counsellor of an ambassador; military officer with a rank of general or above; president of a corporation that is wholly owned directly by His Majesty in right of Canada or a province; head of a government agency; judge of an appellate court in a province, the Federal Court of Appeal or the Supreme Court of Canada; leader or president of a political party represented in a legislature; or mayor, reeve or other similar chief officer of a municipal or local government.
A head of an international organization (HIO) is a person who currently holds or has held within the last 5 years the office or position of head of an international organization that is either an international organization established by the governments of states; an institution of such an organization; or an international sports organization.
A family member is their spouse or common-law partner; their child; their mother or father; the mother or father of their spouse or common-law partner; or a child of their mother or father (a sibling).
A close associate is someone who is business partners with, or who beneficially owns or controls a business with, a PEP or HIO; in a romantic relationship with one; involved in financial transactions with one; a prominent member of the same political party or union; serving on the same board; or closely carrying out charitable works with one.
Domestic PEP — someone who holds a high-ranking public position within Canada.
Foreign PEP — someone who holds a similar position in another country.
HIO — the head of an international organization established by state governments, such as the United Nations, the World Bank or the International Monetary Fund.
These are the borrower’s own declarations — only they can answer them.