What are the general rates and conditions now, for example: a $600,000.00 house with a deposit of $100,000.00, what would the repayments be? (found my dream home but not sure if I can afford it....being too premature I think but one never knows)

Google "canadian mortgage calculator" and you should find what you are looking for... :0)

Always worth negotiating with the lenders. We renewed our 5-year term last year, for another five years, fixed at 5.79%. The lender has, without a whimper, agreed to cut that to 4.5%, with only a small penalty (that I will challenge).

[Smug mode on] Prime -0.82% = less than 2%. [smug mode off]

How did you wangle that?

How, please? We haven't signed anything yet.

Because I took out a variable rate mortgage in 2006 at a discount to prime. (Actually the 0.82% is a composite of an original mortgage and an additional borrowing at two different discount rate). I'm good for a couple of years but could be in for a shock if interest rates skyrocket by then.

Our mortgage is at 1.9%. Rather a contrast with the 18% I paid in the 80s.

OK. I understand. Variable rates are not something would consider. We are trying to draw down our mortgage rather fast and a big upward shift in variable rates would hurt a bit.

Every bank website has a mortgage calculator and their standard published rates.

4.5% is a rough guide to a fixed mortgage.

What you do need to know is that a fixed mortgage is for a maximum of 5 years at which point it will need to be renewed and at which point you can change provider if you so desire.

To give you some idea of payments based on $500,000 with 25 year amortization.

3% $2366 p/m
4% $2630 p/m
4.5% $2767 p/m
5% $2908 p/m

On a $600,000 purchase with $100k down you would be required to buy default insurance of, I believe 1.75% ($8,750) which can be added to the mortgage, increasing the above amounts accordingly.

Any bank lender will calculate for you the amount of mortgage you can obtain. This gives you some comfort when shopping as to how much you can afford, and get a mortgage.

This may not be relevant in the case of the OP, but worth noting anyway. Some employers (mine is an example) will guarantee a loan for up to the 20% minimum required to avoid the CMHC premium. I am required to have at least 10%, and the remainder can take the form of a personal loan at prime. Good deal at the moment. Worth checking I suspect if you work for a large company

Thanks mate, thats just what I was looking for

http://www.canadamortgage.com/

Just click on "Quick Calculator" right side of the box.

Well you are, I believe, the exception rather than the rule. Having spent 40 years in the banking business I have never encountered such largesse, except, perhaps, for employees very high on the ladder, VP or above. As a matter of fact the corporation that employed me would not knowingly grant a mortgage to someone who had to borrow funds for the down-payment.