For most people, the hardest part of buying a home — especially a first home —is saving the necessary down payment. Beginning April 21, 2007, if buyers can put down at least 20 per cent of the cost of home, they don't have to buy mortgage insurance. Finance Minister Jim Flaherty announced yesterday that the rules on mortgage insurance and a few other measures to benefit consumers have now been enacted.

Isn't it wonderful?

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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/

That's good to know, Amit! Thanks for sharing this information. But I couldn't find any such news relating to this. Where does it say so? I was planning for 15% down, but could try for 20% if this is true, and makes a good difference.

Here is link http://www.cbc.ca/money/story/2007/04/20/mortgage-insurance.html?ref=rss

Also check Toronto Star.

Paying 20% down by borrowing extra 5% from your line of credit may be a better option, in my opinion.

Good luck!

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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/

Thanks again, that was a good piece of information!