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Houses for Sale

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For Sale

98 - 620 Ferguson Dr E, Milton

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Added a minute ago
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61 Warwood Rd, Toronto

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Added 3 minutes ago
For Sale
$778,000

34915 McCabe Place, Abbotsford

5 beds3 baths2330 sq. ft.
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For Sale
$369,900

62 HAZEL, Kingsville

2 beds2 baths1475 sq. ft.
Added 3 minutes ago
For Sale
$3,584,000

140 West 40th Avenue, Vancouver

9 beds8 baths4510 sq. ft.
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For Sale
$259,800

1218 Argyle Road, Windsor

2 beds2 bathsN/A sq. ft.
Added 3 minutes ago
For Sale
$249,900

1141 Marion Avenue, Windsor

4 beds2 bathsN/A sq. ft.
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For Sale
$395,000

7001 Eden Drive, Sardis

2 beds2 baths1337 sq. ft.
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For Sale
$639,900

5379 TYEE LANE, Chilliwack

3 beds4 baths2087 sq. ft.
Added 4 minutes ago
For Sale
$724,900

5801 Kathleen Drive, Sardis

3 beds3 baths2189 sq. ft.
Added 4 minutes ago
For Sale
$529,000

10153 Fairview Drive, Chilliwack

3 beds1 baths1960 sq. ft.
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For Sale
$670,000

47253 Skyline Drive, Sardis

4 beds4 baths2711 sq. ft.
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For Sale
$599,900

5421 10 Avenue, Delta

2 beds2 baths1346 sq. ft.
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For Sale
$529,000

9921 Quarry Road, Chilliwack

2 beds2 baths1588 sq. ft.
Added 4 minutes ago
For Sale
$1,748,888

7332 Granville Street, Vancouver

0 beds3 baths1781 sq. ft.
Added 4 minutes ago
For Sale
$650,000

11176 Gilker Hill Road, Coquitlam

4 beds4 baths2164 sq. ft.
Added 5 minutes ago
For Sale
$359,900

4419 Urquhart Crescent, Prince George

3 beds1 baths2200 sq. ft.
Added 5 minutes ago
For Sale
$459,000

4868 Tattersfield Place, 108 Mile Ranch

3 beds5 baths3364 sq. ft.
Added 5 minutes ago
For Sale
$415,000

604 Pillsbury Avenue, Prince Rupert

5 beds4 baths3168 sq. ft.
Added 5 minutes ago
For Sale
$589,900

8812 110th Avenue, Fort St John

4 beds4 baths2664 sq. ft.
Added 5 minutes ago
For Sale
$299,900

254 Blackstock Road, 100 Mile House

4 beds2 baths1200 sq. ft.
Added 5 minutes ago
For Sale
$135,000

7709 TWIN LAKES ROAD, Bridge Lake

2 beds1 baths625 sq. ft.
Added 5 minutes ago
For Sale
$699,000

11312 102 Street, Fort St John

6 beds5 baths3748 sq. ft.
Added 5 minutes ago
For Sale
$315,000

72 Kechika Street, Kitimat

3 beds1 baths965 sq. ft.
Showing Results 1–24 of 101347
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Saving a Down Payment for a House Purchase

When you’re thinking about buying a house, one of the first things to consider is your down payment. Depending on the price of your home, you will have to pay a minimum of 5-20% upfront when purchasing a home – which is often a considerable amount of money. For more details on how to calculate your down payment, see our down payment guide.

The most common form of sourcing a down payment is personal savings. An efficient way to do this is to put money into a TFSA or an RRSP (if you’re a first-time home buyer). These registered accounts can allow you to make the most of your savings and choose what you want to invest in. Another common down payment source is gifts from family members.

Financing Your House

Getting a Mortgage Pre-Approval

Remember that before you make plans to purchase a home, you need to have a general idea of what you can afford. The size of your down payment, your household income, monthly expenses and expenses associated with owning a home, all affect your affordability.

The mortgage pre-approval process can help you find out valuable information, including:

  • The maximum mortgage amount you can afford
  • What your monthly mortgage payment would be
  • The current mortgage rates available on the market

When applying for a mortgage pre-approval, your lender will be able to calculate the maximum mortgage you can afford based on factors including your down payment, income, credit score and existing debt.

Fixed or Variable Mortgage Rates

Another thing to keep in mind is that you will have to choose a mortgage rate: fixed or variable. A fixed mortgage rate means that your rate and monthly payment will stay the same for the entirety of your mortgage term. On the other hand, a variable interest rate changes with the prime lending rate, which is set by your lender. For example, your variable rate will be stated as “prime + or -“ a certain amount.

When deciding between a fixed and variable rate, you may want to consider that:

  • Fixed rates are easier to manage, and if interest rates are low and unlikely to fall further, you may want lock in your rate before an interest rate hike. Another reason to consider a fixed rate is if you are close to your maximum affordability and cannot afford to cover an interest rate hike during the period of your mortgage term.

  • Variable rates have proven to be less expensive over time, but fluctuations can also make the process more stressful for some home buyers. If you believe interest rates will fall, this is the ideal option, as you can benefit from lower rates during your term.

Closing Costs

Major costs to expect on the closing date of your home include:

  • Legal Fees: Depending on the complexity of the transaction as well as your lawyer’s expertise, you will have to pay a legal fee along with disbursements, and registration fees.

  • Land Transfer Tax (LTT): Buying property or taking the transfer of a property’s title means that you will have to pay a provincial tax depending on where you live and the value of your new home. For more information on the LTT by province, see our Land Tax Transfer page.

  • PST on CMHC Insurance: If you’re planning to purchase a home with a down payment of less than 20%, you will have to purchase mortgage default insurance, also called CMHC insurance. In Manitoba, Ontario and Quebec, the PST on default insurance must be paid with cash at closing.

Programs for First-Time Home Buyers

First-Time Home Buyers’ Plan

If you’re a first-time home buyer, you may qualify for the First-Time Home Buyers’ Plan. If eligible, you are allowed to withdraw up to $25,000 tax-free from your individual RRSP, or $50,000 for a couple, to use towards buying a home.

The Home Buyers’ Plan is considered a loan and will need to be repaid. One-fifteenth of the amount borrowed needs to be paid each year for 15 years, with the first payment due two years after you withdrew the money.

First-Time Home Buyers’ Tax Credit

The First-Time Home Buyers’ Tax Credit is a tax credit available to eligible first-time homebuyers purchasing qualified homes. At current taxation rates, the credit is the equivalent of a $750 rebate, which can be claimed when you file your personal income tax return.

Land Transfer Tax Rebate

If you’re a first-time home buyer buying a home in Ontario, British Columbia or Prince Edward Island, you may be eligible to receive a land transfer tax (LTT) rebate. Eligibility requirements and rebate amounts differ by region. For Ontario, you may be eligible for a LTT rebate equal to the full cost of your LTT, up to $4,000. For Toronto specifically, first-time home buyers are able to receive a refund of their municipal land transfer tax up to $4,475. If you’re a first-time home buyer in British Columbia or Prince Edward Island, you may be eligible for a LTT rebate as well.

Carrying Costs for Houses

Beyond the regular mortgage payments for your house, there are also on-going expenses associated with home ownership and maintaining your property. On-going costs to keep in mind include:

  • Home Insurance: If you have a mortgage, the lender will likely require you to have home insurance coverage to protect your property. For more information on, see our home insurance page.

  • Utility Bills: Bills to expect to pay as a house owner include hydro, heating, water and garbage removal.

  • Property Tax: Municipalities across each province will determine their individual property tax rates each year. The rate often falls between the 0.5-2.5% range, which is then multiplied by the assessed value of your property and is payable annually.

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