Somehow, the impression was they needed 10% or 20% down to purchase. The confusion may be due to the new mortgage rules implemented in April.
When searching for a home and browsing thru Calgary real estate listings, buyers have to remmember that the minimum downpayment has not changed and is still 5% subject to qualifying. The downpayment can come from savings/investments such as RRSPs, gift from an immediate relative as well it can be borrowed from a line of credit or loan. The source of downpayment can come from any combination. For example, the house you’ve fallen in love with requires a downpayment of $15,000 (5% of $300,000) and you have $10,000 saved. The difference of $5,000 can be made up by way of a gift letter for $2,500 (thanks Mom and Dad) and $2,500 from a Cash Back Mortgage..
So Calgary Home Buyers, don’t wait you have enough money to OWN your first home !!!