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Old 08-02-2016, 11:30 AM   #1
In the Sin Bin
Join Date: Aug 2012
Default Trades....

Hey guys,

So quick little backstory: my situation has changed with my ex moving out and I feel like my place is simply too big and too expensive for me on my own. I thought when I bought it that 2 beds and 2 baths would be the minimum I wanted even if I was single but now I don't really see the value of the extra effort and stress and would love to downsize a bit.

Now I know this might be a complete pipe dream but has anyone ever had any experience with a trade to downsize? I definitely don't have enough equity in my place yet (only had it for a year) to afford a 20% down payment (since I'm no longer a first time home buyer, I don't think I can do 5%, correct?) so I don't think selling my place and buying a new one would work so I'm just trying to see what my options are besides a room mate (my place is too small in my opinion to live with a stranger) or renting it out completely
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Old 08-02-2016, 12:16 PM   #2
Mortgage Made Easy
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Join Date: Sep 2014
Location: Calgary, AB

Hi polak -

Just wanted to correct one item regarding down payment. You are eligible to purchase a home with less than 20% down payment as long as it is going to be your principal residence.

The 5% down payment guideline is not just for First Time Home Buyers. The biggest reference or benefits for First Time Home Buyers is the ability to redeem RRSPs for down payment.

If you have questions, please feel free to call. 403-648-1541 - Tim
Tim Lacroix | 403-648-1541
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Kardia Mortgage Inc

If you have any questions please feel free to PM me or email

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Old 08-02-2016, 02:25 PM   #3
Travis Munroe
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Join Date: Feb 2009
Location: Calgary

Correct.... it is how I have helped many friends and clients own a investment property. As long as you are moving into the next one you can put 5% down. The biggest hurdle one will face is if they maxed out their borrowing power on the first home. Your debt to service ratio will include the previous property when trying to qualify for another however you can use up to 100% of your rental income on that place (assuming you have a lease signed) to offset much of it.
Seeing as you are looking at downsizing, you will have a much better chance at holding both places. Moving up is where it gets tougher on the same income as when you originally purchased.

Travis Munroe | Century 21 Elevate | 403.971.4300

Residential Buying & Selling

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Old 08-02-2016, 03:08 PM   #4
In the Sin Bin
Join Date: Aug 2012

Actually now that I know I can sell and do 5% again, I might just do that.

Hmm... I'll be exploring my options. Thanks guys.
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