Question 1

How much down payment do I need to buy a home in Ontario?

Accepted Answer

In Ontario, the minimum down payment is 5% for homes priced up to $500,000. For homes between $500,000 and $999,999, it's 5% on the first $500,000 and 10% on the remainder. Homes over $1 million require a 20% down payment. Putting down less than 20% requires CMHC mortgage default insurance.

Question 2

What is the mortgage stress test in Canada?

Accepted Answer

The OSFI mortgage stress test requires you to qualify at the higher of your contract rate plus 2%, or 5.25%. This ensures you can still afford your mortgage if interest rates rise. A mortgage broker can help you understand exactly how much you qualify for under the stress test.

Question 3

Is it better to use a mortgage broker or go directly to a bank?

Accepted Answer

A mortgage broker shops your application across 50+ lenders — including banks, credit unions, and monoline lenders — to find you the best rate and terms. Banks can only offer their own products. Brokers are paid by the lender, so their service is typically free to you. You get more options, better rates, and expert guidance at no extra cost.

Question 4

What is the First Home Savings Account (FHSA)?

Accepted Answer

The FHSA is a registered account that lets first-time home buyers save up to $40,000 tax-free toward their first home. Contributions are tax-deductible (like an RRSP) and withdrawals for a qualifying home purchase are tax-free (like a TFSA). You can contribute up to $8,000 per year.

Question 5

How long does mortgage approval take in Ontario?

Accepted Answer

A mortgage pre-approval typically takes 1–3 business days once all documents are submitted. Full approval after an accepted offer usually takes 3–7 business days. Working with a mortgage broker can speed up the process because they know which lenders approve quickly and what documentation is needed.

Question 6

What documents do I need to apply for a mortgage?

Accepted Answer

Typically you'll need: government-issued ID, proof of income (pay stubs, T4s, or NOAs for self-employed), employment letter, 3 months of bank statements, and details on any existing debts. Christine will walk you through exactly what's needed for your specific situation.

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