Down payment options

There are a many ways to put together a down payment. We classify down payments two ways: traditional, or non-traditional.

Traditional down payment sources

  • Use savings currently in the bank (includes inheritance)
  • Cash in RRSP's
  • Non-RRSP investments: stocks, bonds, TFSA
  • Withdraw RRSP with Home Buyers' Plan (HBP) (up to $ 25 000 per borrower, with a reimbursement plan)
  • Non-repayable gift from immediate relative (parents, grandparents, siblings)
  • Proceeds from the sale of a property (equity gained)
  • Loan secured against proven assets such as, title free land or collateral (equity of a first home as security on the purchase of a second)
  • Down payment grant (non-refundable amount paid by a federal, provincial or municipal government)
  • Refinancing of another property
  • Self-build construction (labour done by the borrower may make up to 50% of the down payment)

Non-traditional down payment

  • Repayable loan from parents, grandparents, siblings 
  • Personal loan

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Today's rates Multi-Prêts

As of October 24, 2016

Posted rates
2.29% 1 year Fixed closed Posted rates3.6%
2.24% 3 years Fixed closed Posted rates4.35%
2.29% 5 years Fixed closed Posted rates5.14%
2.25% 5 years variable Variable capped Posted rates2.7%
*Some conditions apply. Subject to change without prior notice. See more Multi-Prêts rate options