The Canada Mortgage and Housing Corp . (CMHC) eased the rules today on insuring mortgages - the will now insure mortgages even when the buyer has 0 dollars to put down (before the minimum downpayment was 5%). You still though need to get a bank to approve your loan, which from what I have heard is very tough with a 0% to put down unless youhave very good credit and a very secure job.

To most newcomers who don't have the downpayment but have a job - this will help.


My own opinion is that in all honesty if you can't afford to put 5% down on a house, then you seriously should ask yourself whether you can afford that particular house.



Good luck

Ray

This article put things into perspective:

http://biz.yahoo.com/cnw/031222/rbc_...ortgage_1.html

On one side, I agree with you, Ray. But on the other hand, the buying often works out cheaper than renting, and people without a downpayment can get in the housing market, that must be good. I think it depends on individual responsibility.