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Old 11-28-2016, 12:47 PM   #1
lazypucker
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Hello, I have a question about down payment.

I am planning to get married and both myself and my fiance each own a condo (hers has paid off more than mine, we both have remaining mortgage balances).

We are thinking of buying a house together, but still want to keep the 2 condos as rental properties. What will be the minimum down payment requirement for the new house purchase? Is it the same 5% for first $500k and then 10% after, etc? Or will it be looked at as buying new rental properties and require something like 25%-30% down payment? How do the mortgage qualification calculations work for our situation?

Thank you.
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Old 11-28-2016, 12:48 PM   #2
cam_wmh
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I don't know the answer, and don't want to dissuade others from replying, ..but I absolutely recommend getting a Mortgage Broker. They can help with stuff like this.
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Old 11-28-2016, 12:50 PM   #3
lazypucker
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Originally Posted by cam_wmh View Post
I don't know the answer, and don't want to dissuade others from replying, ..but I absolutely recommend getting a Mortgage Broker. They can help with stuff like this.
Isn't this a subforum for general questions like this?
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Old 12-01-2016, 06:49 PM   #4
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Quote:
Originally Posted by lazypucker View Post
Hello, I have a question about down payment.

I am planning to get married and both myself and my fiance each own a condo (hers has paid off more than mine, we both have remaining mortgage balances).

We are thinking of buying a house together, but still want to keep the 2 condos as rental properties. What will be the minimum down payment requirement for the new house purchase? Is it the same 5% for first $500k and then 10% after, etc? Or will it be looked at as buying new rental properties and require something like 25%-30% down payment? How do the mortgage qualification calculations work for our situation?

Thank you.
Hi Lazypucker...

I've already PM'd you but I thought I would post on here that this NEW purchase can be purchased with a minimum of 5% down payment. And as you have mentioned, it is 10% on the balance over $500,000 up to $999,999 purchase price.

Over $1M, the minimum down payment is 20% or more depending on purchase price, lender, area etc. Sliding scales may apply.
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Old 02-05-2017, 10:47 PM   #5
Fire in the disco
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My wife and I are looking at selling our current house and buying a new home. We did not take advantage of using rrsp for our down payment on our first home. Are we eligible to use rrsps penalty free for buying our second home?

Last edited by Fire in the disco; 02-05-2017 at 10:53 PM.
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Old 02-06-2017, 09:43 AM   #6
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Originally Posted by Fire in the disco View Post
My wife and I are looking at selling our current house and buying a new home. We did not take advantage of using rrsp for our down payment on our first home. Are we eligible to use rrsps penalty free for buying our second home?
Unfortunately, you are not eligible to use the Home Buyers Plan as you currently own an owner occupied home that you and your wife live in. Below is a quick definition for whether you are a first time buyer or not.

Are you a first-time home buyer?

Unless you are a person with a disability or you are helping a related person with a disability buy or build a qualifying home, you have to be a first-time home buyer to withdraw funds from your RRSP(s) to buy or build a qualifying home.

You are considered a first-time home buyer if, in the four year period, you did not occupy a home that you or your current spouse or common-law partner owned.

NOTE: You can be considered a First Time Home Buyer again if you have not owned and lived in an Owner Occupied home in the last 4 years.
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www.TimLacroix.com

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Old 02-06-2017, 10:16 AM   #7
Fire in the disco
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Quote:
Originally Posted by Mortgage Made Easy View Post
Unfortunately, you are not eligible to use the Home Buyers Plan as you currently own an owner occupied home that you and your wife live in. Below is a quick definition for whether you are a first time buyer or not.

Are you a first-time home buyer?

Unless you are a person with a disability or you are helping a related person with a disability buy or build a qualifying home, you have to be a first-time home buyer to withdraw funds from your RRSP(s) to buy or build a qualifying home.

You are considered a first-time home buyer if, in the four year period, you did not occupy a home that you or your current spouse or common-law partner owned.

NOTE: You can be considered a First Time Home Buyer again if you have not owned and lived in an Owner Occupied home in the last 4 years.


Thanks for the follow up! I had figured that was the case but found that some of the literature had varied definitions. Too bad, but good to know
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Old 02-06-2017, 10:18 AM   #8
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Originally Posted by Fire in the disco View Post
Thanks for the follow up! I had figured that was the case but found that some of the literature had varied definitions. Too bad, but good to know
You're welcome. Let us know if we can assist further. Have an excellent day!
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www.TimLacroix.com

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