Page 6 - Home Buying Guide
P. 6
Budgeting tips.
A lot can change over time. Consider your current budget and lifestyle, and how they might change in
the next five year.
Use the a mortgage affordability calculator on line to figure out
how much you can afford.
Once you have a home buying budget, use an on line mortgage
payment calculator to estimate your monthly payments,
insurance premiums and other costs.
A 5% minimum down payment in Canada. The required
minimum down payment is determined by the purchase price
of the home and you will find details on next page.
Closing costs and land transfer tax average 1.5%-4% of the
purchase price of the home.
First time buyers can withdraw up to $25,000 from their RRSP
tax free.
