PURCHASE MORTGAGES
Helping first-time buyers and homeowners find the best rates and terms to buy their dream home.
ABOUT PURCHASE MORTGAGES
Buying a home is one of the biggest financial decisions you'll make, and the mortgage you choose shapes everything — your monthly payment, your upfront costs, and how quickly you build equity. Whether you're purchasing your first home in Ontario or moving into your next one, we help you compare rates and terms, understand Canada's mortgage rules, and move through the process with confidence, from pre-approval to closing day.
WHY BUY WITH US
Competitive fixed and variable mortgage rates, with rates starting from 3.7%
Down payments as low as 5%, with certain regional assistance programs that may reduce the upfront down payment
Guidance through Canada’s mortgage stress test
Support with first-time home buyer programs and available rebates
A dedicated mortgage agent from application through closing
Clear, upfront breakdown of costs and fees
MORTGAGE OPTIONS
Fixed-Rate Mortgage
Your interest rate and payment stay the same for the entire term. The most popular choice among Canadian buyers for predictable budgeting.
– Common terms: 1 to 5 years (with a 25–30 year amortization)
– Best for buyers who want payment stability
Variable-Rate Mortgage
Your rate moves with the lender's prime rate, which can mean lower costs when rates fall.
– Payments may stay the same (adjustable amortization) or change with rate movements, depending on the product
– Best for buyers comfortable with some rate risk
Conventional Mortgage
For buyers putting down 20% or more of the purchase price.
– No mortgage default insurance required
– Lower overall borrowing costs
High-Ratio (Insured) Mortgage
For buyers putting down less than 20%.
– Requires mortgage default insurance through CMHC, Sagen, or Canada Guaranty
– Allows you to enter the market sooner with a smaller down payment
– Insurance premium is added to your mortgage balance
Open vs. Closed Mortgage
– Open: more flexibility to pay off early, usually at a higher rate
– Closed: lower rate, with limits or penalties on prepayment
MINIMUM DOWN PAYMENT RULES (CANADA, 2026)
Homes up to $500,000: 5% minimum
Homes between $500,001–$1,499,999: 5% on the first $500,000 + 10% on the remainder
Homes $1,500,000 and up: 20% minimum
Example: On a $700,000 home, the minimum down payment is $45,000 (about 6.4%).
HOW THE PROCESS WORKS
Get Pre-Approved
Understand your budget and lock in a rate hold while you search.Find Your Home
Work with a real estate agent within your price range.Choose Your Mortgage Type
Compare fixed vs. variable, and conventional vs. high-ratio, based on your down payment.Submit Documents & Pass the Stress Test
Provide income proof, bank statements, and credit history for underwriting.Close on Your Home
Sign your final mortgage documents, pay closing costs, and get your keys.
WHAT YOU'LL NEED TO APPLY
Proof of income (pay stubs, T4s, or Notice of Assessment)
Bank statements (typically last 2–3 months)
Credit report and score
List of current debts (car loans, credit cards, etc.)
Government-issued ID
Proof of down payment funds
Purchase agreement (once you've found a home)
UNDERSTANDING THE COSTS
Down Payment
The upfront amount you pay toward the home price. Minimum 5%, depending on purchase price.
Mortgage Default Insurance (CMHC)
Required when your down payment is under 20%. Added to your mortgage balance rather than paid upfront.
Land Transfer Tax
Payable on closing in Ontario. Toronto buyers pay both a provincial and a municipal land transfer tax.
Closing Costs
Legal fees, home inspection, title insurance, and adjustments — typically 1.5%–4% of the purchase price on top of your down payment.
Mortgage Stress Test
All buyers must qualify at a higher "qualifying rate" than their actual contract rate, to ensure they can handle payments if rates rise.
FIRST-TIME HOME BUYER PROGRAMS (ONTARIO & CANADA)
First Home Savings Account (FHSA)
Contribute up to $8,000/year ($40,000 lifetime). Contributions are tax-deductible, growth is tax-free, and qualifying withdrawals are tax-free.
Home Buyers' Plan (HBP)
Withdraw up to $60,000 from your RRSP tax-free toward a down payment ($120,000 combined for a couple).
Land Transfer Tax Rebates
First-time buyers in Ontario — and Toronto specifically — may qualify for rebates on both provincial and municipal land transfer tax.
First-Time Home Buyers' Tax Credit
A non-refundable federal tax credit worth up to $1,500, claimed on your tax return in the year of purchase.
*A "first-time buyer" generally means you haven't owned a home in the past 4 years — though some rebate programs use stricter definitions.
FIRST-TIME HOMEBUYER PROGRAMS
Many buyers qualify for special assistance, including:
– Down payment assistance grants or low-interest loans
– Reduced mortgage insurance requirements
– Mortgage credit certificates (tax benefits)
– State and local first-time buyer programs
A "first-time buyer" often includes anyone who hasn't owned a home in the past 3 years — not just those buying for the very first time.
Mortgage questions? We have answers.
A mortgage is a loan used to purchase a home, where the property itself acts as security (collateral) for the lender. You repay the loan, plus interest, over an agreed term — typically with a 25 to 30 year amortization in Canada.
We work with 65+ lenders to offer fixed-rate and variable-rate mortgages, as well as conventional (20%+ down) and high-ratio insured mortgages (less than 20% down). The right option depends on your down payment, risk tolerance, and how much payment certainty you want.
You can choose monthly, bi-weekly, or accelerated bi-weekly payments. Accelerated options let you pay down your mortgage faster and save on interest over the life of the loan.
A minimum of 5% is required on homes up to $500,000. For homes between $500,001 and $1,499,999, it's 5% on the first $500,000 plus 10% on the remainder. Homes at $1,500,000 or more require at least 20% down.
Most major banks look for a score of 660 or higher, and insured mortgages typically require 680+. The best rates are usually reserved for borrowers with a score of 720 or above.
It's a federal requirement where you must qualify at a higher "qualifying rate" than your actual contract rate. This ensures you could still afford your payments if interest rates rise.
We partner with over 65 lenders, which means we can shop your mortgage across a wide range of rates and terms to find the solution that fits your unique situation — instead of offering just one bank's products.