Quote:
Originally Posted by Hack&Lube
If it helps you put in a 20% down payment, then you can avoid CMHC mortgage loan insurance costs. I also got $6000 in GST rebates.
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With the price of homes in Calgary its not really realistic for two first time buyers to come up with 75-100k in cash for a down payment that will enable them to avoid the hefty cmhc payments. Even if you're doing really well it get's more unreasonable as you're likely purchasing a larger, more expensive home and that 20% further increases.
Unless you're a dual income couple that has been living under a rock for 10 years you really have no shot at avoiding the payments.