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Disclaimer. This article is for informational purposes only and does not constitute financial advice. Speak with a licensed mortgage professional before making any mortgage decisions.

Closing costs in Canada typically run between 1.5% and 4% of the purchase price, on top of the down payment. The main line items are

A mortgage discharge is the legal step that removes a lender's claim from a property's title once the mortgage is paid off. It happens in

The Home Buyers' Amount is a federal non-refundable tax credit worth up to $1,500 for eligible first-time home buyers. Claim it by entering $10,000 on

Canadian buyers of a new or substantially renovated primary residence can typically stack three rebate programs at closing — federal, provincial, and municipal land transfer

The RRSP Home Buyers' Plan lets a qualifying first-time home buyer withdraw up to $60,000 from their RRSP tax-free to buy or build a qualifying

Last updated: November 2026 Quick answer The FHSA is typically the stronger single tool for most first-time buyers in Canada, because contributions are tax-deductible and

Last Updated: July 2026 This article is for informational purposes only and does not constitute financial advice. Speak with a licensed mortgage professional before making

Yes, the penalty is different. A closed variable-rate mortgage in Canada uses three months' interest on your outstanding balance. A closed fixed-rate mortgage uses the

Lower mortgage rates in Canada raise how much you can qualify for, and Canada's federal stress test moves with your contract rate, so as rates

Pegasus Mortgage Lending Center Inc. · FSRA Lic # 11479. Quick answer Breaking a mortgage before renewal means ending your contract early — usually to

The interest rate differential, or IRD, is one of two prepayment penalties that can apply when you break a closed fixed-rate mortgage before its term