09/08/2025
๐๐ก๐ข๐ง๐ ๐ฌ ๐ฒ๐จ๐ฎ ๐ฌ๐ก๐จ๐ฎ๐ฅ๐ ๐ค๐ง๐จ๐ฐ! ๐
1. ๐ด๐๐๐๐๐๐ ๐ซ๐๐๐ ๐ท๐๐๐๐๐๐
Homes under $500,000 โ minimum 5% down.
Homes $500,000 โ $999,999 โ 5% on the first $500,000, plus 10% on the portion above.
Homes $1M+ The CMHC insured mortgage cap has been raised to $1.5 million. You can now buy a $1 million home with as little as 5% down, if you qualify for mortgage insurance.
2. ๐ด๐๐๐๐๐๐๐ ๐บ๐๐๐๐๐ ๐ป๐๐๐ (๐ธ๐๐๐๐f๐๐๐๐ ๐น๐๐๐)
All borrowers must prove they can afford payments at the greater of:
The contract rate + 2%, or
The Bank of Canadaโs qualifying rate (currently around 5.25%, but can change).
Applies to all mortgages: insured, uninsured, renewals, and refinances.
3. ๐ด๐๐๐๐๐๐๐ ๐ซ๐f๐๐๐๐ ๐ฐ๐๐๐๐๐๐๐๐ (CMHC, Sagen, Canada Guaranty)
Required if down payment is less than 20%.
Premium ranges from 2.8% to 4% of mortgage amount.
4. ๐จ๐๐๐๐๐z๐๐๐๐๐ ๐น๐๐๐๐
Insured mortgages (less than 20% down) โ max amortization increased to 30 years.
Uninsured mortgages (20%+ down) โ max amortization 30 years.
5. ๐ฐ๐๐๐๐๐ ๐๐๐
๐ซ๐๐๐ ๐น๐๐๐๐
Gross Debt Service (GDS) ratio: housing costs โค 39% of income.
Total Debt Service (TDS) ratio: all debts โค 44% of income.
Lenders require proof of income, taxes paid, credit score, and assets.
๐ฒ. ๐ข๐๐ต๐ฒ๐ฟ ๐๐บ๐ฝ๐ผ๐ฟ๐๐ฎ๐ป๐ ๐ฃ๐ผ๐ถ๐ป๐๐
Prepayment rules: Many mortgages allow lump-sum payments (10โ20% yearly) or increased monthly payments.
Mortgage portability: You can transfer your rate to a new property with some lenders.
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