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London, ON, N6E 2X9


We have been proudly serving the mortgage and financial needs of individuals in London, Ontario and all across Canada for more than a decade.

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Welcome to Our Blog, where you'll find the latest news and gain insight into a variety of mortgage-related topics.


Mike De Sousa

As most of you are already aware, there have been numerous changes to the mortgage rules in Canada.  The government has actually made a change every year for the past 4 years.  With all the changes, also comes confusion and miss-communication.   The last rule of course was the change in amortization and refinance equity required.

Over the last few weeks, we have received several calls from first time home buyers and also repeat buyers (existing home owners looking to sell their home and purchase another home) on what is the minimum required down payment.

Many of them were worried and under the impression that to buy a home now, you need a minimum of 20% down payment.  This is NOT true. 

Even though many mortgage calculators may tell you otherwise, you can still buy your first home with minimum 5% down payment and you don't have to go through a sketchy real estate loan to make it happen.  If you are a repeat buyer, as long as the home will be your principal residence, you can still sell your existing home and purchase another home with just 5% down payment.  If you are buying a second home for a family member to live in (on a rent free basis) you still only need 5% down.  Of course for all of these scenarios CMHC (Canada Mortgage and Housing Corporation) premiums will apply if you are putting less than 20% down payment, but it is possible.

There still are several benefits for First Time Home Buyers. Here is a quick summary:

1) Land transfer tax is waived for a first time buyer (maximum refund is $2000)

2) $750 tax credit when you file your income tax return.  

3) Ability to use your RRSP under the RRSP Home Buyers Plan that will allow you to withdraw up to $25,000 tax free from your RRSP to help with the purchase of a home.  You will have to re-pay that money back into your RRSP account, but you will have 15 years to do so.

As always, we are here to help and guide you.  Feel free to call or email us with any mortgage or financial questions.

Thanks for reading!

Mike De Sousa and Mindy Small

Your London, Ontario Mortgage Brokers at Dominion Lending Centres Forest City Funding FSCO# 10671