Whether you’re leaning toward a new construction or the purchase of a tiny house, you need a good plan; that is, a clear understanding of the financing and costs associated with your new property.


Your budget

This is the foundation. First, you need to determine whether you have the financial means to become an owner. Once this is done, you need to establish an overall purchasing budget that will include the cost of acquiring the home as well as the lawyer and notary fees, inspection fee and land transfer tax (or “welcome tax”). You also need to take into account the required renovations and moving costs. Thereafter, it would even be wise to make a budget for the first year.


The down payment

Once your budget has been established, you’ll have a better idea of the amount you’ll need for a down payment. It’s the portion of the property’s cost to be paid at the time of purchase.

In summary, the minimum down payment required is between 5% and 20% of the property’s purchase price or market value, depending on the amount of your future mortgage.



Many roads lead to property ownership, but the first to take is undoubtedly the savings route. Putting money aside not only helps you make your down payment, but maybe even increase it, so that you can reduce your mortgage and lower your monthly payments.


The RRSP is above all an instrument for retirement savings, but you can also use it for other purposes, such as buying a property. To ensure a comfortable future for yourself, you need effective investment tools that are adapted to your financial situation. We are here to guide you in these choices.



This is the Home Buyers’ Plan, a government program that allows you to borrow from your RRSP to buy or build your house. You then have 15 years to repay your RRSP withdrawal, with no interest. It’s useful if you started saving early.
Even if you have never contributed to an RRSP, or you have little savings, we can help you participate in the HBP. Feel free to talk to your UNI advisor.



The Tax-Free Savings Account is ideal if you are at least 19 years old and want to save money and reduce your taxes. A TFSA is also perfect for putting money aside to achieve your goal of being a homeowner. Simply remain within the annual amounts allowed, and you’ll be on the way to your new address in no time.



There’s a good chance your mortgage will be with you for a number of years, possibly decades. Even though it will be renegotiable in the future, it’s important to choose your terms wisely.

  • A closed mortgage offers the security of a long-term fixed rate.
  • An open mortgage stands out for its flexibility.
  • A fixed rate remains the same until the end of the term.
  • A variable rate changes according to market fluctuations.


All combinations are possible. The key is to find the one that suits you best. That’s why it’s important to be well-informed, to determine your borrowing profile and what you are looking for, whether it’s stability, a low interest rate, quick repayment, etc.


Rates in effect

Interest rates fluctuate with the prime rate, which is dictated by the market. Here’s some useful information to give you an idea of what your next mortgage will look like.

See the rates


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