Victoria: 250.213.3691
Calgary: 403.874.3691


Why is a mortgage pre-approval important?

Mortgage pre-approval is important for a number of reasons:

  • It determines the maximum mortgage loan for which you qualify.
  • It allows your REALTOR® to show you a range of properties in your price range.
  • It allows your REALTOR® to make a realistic offer on your purchase, and saves time in the negotiation process.
  • It holds the interest rate for a period of up to 120 days, guarding you against rate fluctuations.
  • It provides peace of mind during the home-buying process.

May I use my RRSP towards my down payment?

The RRSP Home Buyers Plan (HBP) is a CRA program that allows first time home buyers to use their RRSP's to help finance their home purchase. This money can be used as a down payment, or to help with other closing costs. The HBP withdrawal forms are available from your RRSP holder and for more information you can view on the CRA website at The basic criteria are as follows:

  • Each applicant can withdraw up to $35,000.
  • Applicants cannot have owned a principal residence within the past 5 years.
  • You must reside in the home for at least one year.
  • The RRSP funds must have been invested for more than 90 days before withdrawal to qualify.
  • The withdrawn amount must be repaid, over an interest-free repayment period that can be as long as 15 years.

Should I select monthly, bi-weekly or weekly payments?

If it fits with your lifestyle and pay schedule, paying bi-weekly or weekly can help reduce your amortization and pay off your mortgage faster.

What is the best term to consider?

Many people prefer the comfort of a longer-term mortgage for it's stability, however it depends on the timing of market conditions and risk tolerance as well as long term plans. When we discuss your options we will determine together what is best for you and your particular financial situation.

Can I have my property taxes included with my mortgage payment?

Yes, some institutions will allow the option of paying your own taxes, or having them included with your mortgage payments. Some lenders may insist that they be included with the mortgage due to the loan to value ratio.

What income documents will I have to provide to obtain approval?

Lenders require that you provide documentation to prove your income for qualification. Examples of these items may include an employment letter, recent paystub, T4, CRA Notice of Assessment, and CRA Tax returns.  We can discuss what will be needed from you based on your application details.

What is the minimum down payment required to purchase a home?

The minimum down payment amount is 5% of the purchase price for homes valued $500,000 or less.  For homes over $500,000 the minimum down payment amount is 5% of the first $500,000 and 10% on the difference, up to a maximum of $999,999. Once your value or purchase price is $1,000,000 the minimum down payment is 20%.

What documents will be required to confirm my down payment amount and source?

Lenders require 90 day account/investment statements to show your down payment source, availability, ownership and history.  If any of the funds are a gift from immediate family, I will provide you with a lender specific Gift Letter form for them to complete.

What is the difference between the deposit and the down payment?

The deposit is the money provided with the Purchase Contract at the time of offer and is a sign of good faith which binds you to the Contract with the seller.

The down payment is the total amount of cash given towards the purchase of the home, with the difference being the requested mortgage. 

The deposit will form part of the overall down payment.