Is it a good idea to use RSPs to buy a home? The Home Buyers’ Plan can help you get your downpayment together, faster. MoneyWise writer Rubina shares her experience tapping into the plan.
As of 2008, home buyers must pay a minimum of 5% on their home purchase when taking out a mortgage from a federally-regulated lender. But what about credit unions, which are run provincially, and lack many of the same regulations ruling the big banks? The truth is, zero-down mortgages still exist and are offered at some of these lenders… but is it ever a good idea to get one?
Securing the Canadian dream – a good job, nice car and an affordable mortgage – may be increasingly out of reach for the millennial generation. A new research study from RateSupermarket.ca, Canada’s independent personal finance comparison site, offers the projections of future costs of living for young people starting out today. As the cost of owning a home continues to rise and jobs are very hard to come by, the picture is not pretty.