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The 5% down Government Program

It's true! The 5% downpayment program has opened the door to over 400,000 families in Canada since the federal government launched the program in 1992. Now the program has been expanded to allow any Canadian or landed resident the chance to buy a home with 5% downpayment regardless of whether you currently own or rent!

The program applies to any type of home available in Canada from condos to townhomes, semis and fully detached homes. You can select from new construction to resale and there is no minimum house size. There are however price ceiling limits in effect and they vary across the country ranging from $125,000 in smaller communities to $250,000 in major centres like Vancouver, Toronto and Ottawa. Talk to your local Sales Representative or your bank for details in your area.

You may be surprised to see how affordable it is to own your own home. There is a mortgage calculator that will show you the downpayment required, the monthly mortgage payment and how much income you need to qualify to own the house. Studies by Canada Mortgage and Housing Corporation, CMHC, have shown that most first time buyers overestimate the cost of homeownership by 70%. See for yourself that with today's low interest rates that owning can be cheaper than renting.

We are also pleased to offer you a chance to be pre-qualified for a mortgage from our website too! This is an important part of the home buying process and is offered by most financial institutions at no charge and no obligation. Pre-qualifying is an important first step to knowing how much you can afford and protecting your interest rate, for a period of time, while you search for your perfect home.

Want to know more? Email Marianne and let her show you how to make your dream of homeownership a reality.