The downpayment

Generally, the minimum downpayment is 20% of the lesser of the property evaluation or the sale price. The Canada Mortgage and Housing Corporation (CMHC) also offers the Home Buyers' Plan that enables buyers to put down only 5-10%.

However, thanks to a partnership between Genworth Financial Canada and Desjardins, you can make your dream of becoming a property owner come true at the best possible market conditions. With a 10% downpayment, you could get a significant rebate on the regular mortgage insurance premium. This premium is exclusive to Desjardins and is available to Québec residents only. Some conditions apply.

But how can you come up with your downpayment? First of all, you can turn to your personal savings, i.e. savings accounts, investment certificates, savings bonds and mutual funds. Also, if you own the land on which you would like to build your house, its value can be used as a downpayment. This also applies if you are building your own house-the value of your labour can be considered.

It takes time to save the money required for the downpayment. It is a good way to show that you can save money and handle responsibilities. The systematic savings plan can allow you to save a little money and accumulate a downpayment before buying a house.