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Homeowners VS Renters

In 2018, the Chief Economist (Will Dunning) for Mortgage Professionals Canada wrote a report entitled 'Owning vs Renting a Home in Canada' (dated September 2018). It mentions that 'Homeowners tend to be better off financially than tenants. According to Statistics Canada's 2016 Survey of Financial Security5 ("SFS") homeowner households had an average net worth of just over $1 million while tenant households had an average net worth of about $127,000.

First Time Home Buyers FAQ's

You have not previously owned a home in Canada or within the last 4 years.
They include down payment assistance programs and the avoidance of land transfer tax.
The score is contingent upon mortgage insurer's guidelines, however scores of 680 and above provide you with a higher chance of qualifying.
The up to date criteria is determined by the mortgage insurer which is typically CMHC.
First time home buyers still require a deposit to purchase a home.
Yes, you can borrow the down payment to purchase a home.
Owner-occupied residential properties qualify for the program.
Down payments can be as low as 5%.
It is wise to get pre-approved before looking for a home.
The process includes getting a pre-approval, finding a home, submitting an offer and obtaining financing.

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