How much down payment do I need to buy a house in Canada?

For homes under $500,000 you need 5% down. For $500K-$1M it's 5% on the first $500K and 10% on the rest. For homes over $1M you need 20% down.

What is the FHSA and how does it work?

The First Home Savings Account lets first-time buyers save up to $8,000/year (lifetime max $40,000) with tax-deductible contributions and tax-free withdrawals for a home purchase.

Should I choose a fixed or variable mortgage rate?

Fixed rates give payment certainty and protection from rate hikes. Variable rates are historically cheaper over time but carry risk if rates rise. Choose fixed if you value stability, variable if you can handle fluctuations.

What is the mortgage stress test in Canada?

The mortgage stress test requires all borrowers to qualify at the higher of 5.25% or their actual rate plus 2%. This ensures you can afford payments if interest rates rise. It applies to all buyers regardless of down payment amount.

How do I calculate rental property cash flow?

Cash flow = Annual rent - (mortgage payments + property tax + insurance + maintenance + other expenses). Positive cash flow means the property pays for itself. Use our rental cash flow calculator for accurate calculations.

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