Down Payment Options

When you are buying a home, saving up for the down payment may seem like a big challenge, however it may be easier than you think! There are many resources you may be able to use in order to achieve your down payment sooner.


There are two types of down payment resources: traditional and non-traditional.


In most cases1 we will ask for a minimum down payment of 5% of your mortgage amount, from traditional resources. Anything over 5% may come from non-traditional resources.

Examples of traditional down payment:

  • You may  use your savings (cash) or funds from the sale of a vehicle or other registered asset.
  • You may be eligible to withdraw up to $25,000 tax free from your RRSP to use as a down payment, under the terms of the Canada Revenue Agency’s Home Buyer Plan (HBP). Your spouse or common-law partner may withdraw an additional $25,000 from a spousal or common-law RRSP. To be eligible for this plan, you or your spouse cannot have owned any property in the last 5 years.
  • Your relatives may be able to assist. Immediate family members may fund a down payment as a gift. However the gift must be non-repayable. The funds should be in your account 15 days prior to the mortgage closing date.
  • You may choose to use the equity from the sale of a previous property.

Examples of non-traditional down payments:

  • Builder incentives: The total value of all incentives you receive will be subtracted from the purchase price of the property. A down payment of at least 5% is still required for the purchase.
  • Rent-to-own: A rent-to-own property purchase is an agreement where you as the tenant have the option to purchase the property you are renting at a fixed price at a future date. A portion of the rent you pay will be saved and applied towards the down payment.
Questions? Contact us.


1 Actual down payment requirements vary and should be discussed in full at time of application.
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Rates effective as of Feb. 7, 2014.
Rates subject to change without notice.
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