Buying
a home

Buying a home
Your future home is right there, can you see it? We can! And we’ve got tips for you to help you buy it. Follow the guide!

What you need to think about before buying

My budget

A well thought-out budget is a solid base when buying a home and determining what you can afford. Talk with your advisor for help in determining your financial position.

My insurance

Along with your home insurance, think about protecting your most important asset... you! That’s what our life and disability loan insurance is for!

My mortgage

Open or closed loan? Fixed or variable rate? There are many details to think about! A mortgage loan that fits your needs is essential: we don’t all have the same profile!

How do I pay my down payment?

Once you have found your heart’s desire, you have a major payment to make up front: the down payment. To pay, you have 2 main options.

Contributing to your RRSP in order to use the HBP

Using my RRSP for the HBP

If you have already contributed to your RRSP, you already have the chance to withdraw the money to pay your down payment.

  • Withdraw up to $35,000 per borrower and up to $70,000 per couple
  • Allows to reduce the amount of your mortgage
  • You have 15 years to pay back the amount withdrawn from your RRSP, interest-free

RRSPs made easy

HBP with no RRSP

You have never contributed to your RRSP? You can still take advantage of the HBP.

  • Borrow the amount within your maximum RRSP contribution
  • Deposit it in an RRSP for at least 90 days
  • Use the amount for the HBP and reimburse your loan
  • Use your income tax refund as a down payment
  • Reimburse your RRSP in 15 years or less
Contributing to your TFSA or a savings account

Choosing the TFSA

Your TFSA is used to make your money grow tax-free. You can contribute up to $6000 per year!

  • Save for short or mid-term projects
  • Use your money without penalty

TFSAs made easy

High interest savings

The high interest account allows you to save more on each added dollar.

  • Only offered in AccèsD
  • No fees
  • Admissible to the RRSP

To prepare my down payment

The best way to save? Set up automatic transfers! Remember that the higher the down payment, the lower your mortgage and your interest will be!

Always overlooked

There are also starting costs when buying a home: you should allow for 3% to 5% of the purchase price of your home to cover the following costs:

  • Inspection fees
  • Appraisal fees
  • Legal fees
  • Insurance premiums
  • Survey fees
  • Sales tax for new homes
  • Moving and public utility hook-up costs
  • Decorating, landscaping, furniture, etc.

Good to know: you can pay for these expenses with the help of a personal line of credit. Talk it over with your advisor!

Questions?

Our advisors are here to help from start to finish in your home buying process.

Make an appointment