Go Back  British Expats > Living & Moving Abroad > Canada
Reload this Page >

What size deposit for mortgage on a WP?

What size deposit for mortgage on a WP?

Old Sep 25th 2007, 1:46 am
  #16  
BE Forum Addict
 
Joined: Jun 2007
Location: Musquodoboit Harbour, Nova Scotia
Posts: 2,549
destinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond repute
Default Re: What size deposit for mortgage on a WP?

Sounds like we could end up being neighbours. We are looking for 4/5 bed house, rural feel but easy commute to Halifax. We also want good schools.

We don't mind the condition. If it is perfect great, but if we find something that is a bit of a 'project' we will get most of the work done before we move so we don't have to live in the mess.

I will give you all the info on my return.

Lynn
destinationnovascotia is offline  
Old Sep 25th 2007, 1:51 am
  #17  
BE Forum Addict
 
Joined: Jun 2007
Location: Musquodoboit Harbour, Nova Scotia
Posts: 2,549
destinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond repute
Default Re: What size deposit for mortgage on a WP?

Incidentally, I have a 6 and 12 year old (boys), so if we are neighbours at least the kids will have someone to play with
destinationnovascotia is offline  
Old Sep 25th 2007, 2:22 am
  #18  
NS covern member #1
Thread Starter
 
Poppy2's Avatar
 
Joined: May 2007
Location: Halifax, Nova Scotia
Posts: 968
Poppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond repute
Default Re: What size deposit for mortgage on a WP?

Get outta here! My 5 and 10 year olds are boys - though we also have a 1 year old girl, so you may have to catch up on that stat so we can match???

Well I say lets start a commune

Jeez - we bought a project here....................dear lord it nearly broke us Mind you it was missing doors, floors and infested with rats......great purchase hey? Lessons learnt let me tell you! Like never assume that the same price for paint in Homebase is the same price here! So we were permanently trying to find money for ongoing DIY from a limited fortnightly budget etc. I am thoroughly useless with money, so that hadnt been factored into matters. So we want nice enough bathrooms and a kitchen that doesnt require more than paint and some new countertops, and maybe some flooring. Other than that, I am going to have to be firm with myself and say no..................as if that ever happens! I can justify anything to myself it seems!!!

Well will look forward to your report on your return!!!! Just out of interest - your boys are they into Playstation??? Star Wars??? Transformers?? It makes me laugh when they try to ask me about these things
Poppy2 is offline  
Old Sep 25th 2007, 3:50 am
  #19  
BE Forum Addict
 
Joined: Jun 2007
Location: Musquodoboit Harbour, Nova Scotia
Posts: 2,549
destinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond repute
Default Re: What size deposit for mortgage on a WP?

The main reason they have for coming to Canada is that I have promised them a PS3 - not that I will be able to work it though.

I won't be catching up with you on the baby front, I am already ahead of you. Daughter 20 and son 18.
destinationnovascotia is offline  
Old Sep 25th 2007, 4:06 am
  #20  
NS covern member #1
Thread Starter
 
Poppy2's Avatar
 
Joined: May 2007
Location: Halifax, Nova Scotia
Posts: 968
Poppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond repute
Default Re: What size deposit for mortgage on a WP?

OMG - the PS3..................Santa list item number 1. Or it will be.

Well I love 4 children families! I am trying to persuade my husband to let us join the ranks of the 4 children families. (Like his consent matters - sheesh). Ok, I will let you off - you have your hands full I an see that!
Poppy2 is offline  
Old Sep 25th 2007, 4:11 am
  #21  
BE Forum Addict
 
Joined: Jun 2007
Location: Musquodoboit Harbour, Nova Scotia
Posts: 2,549
destinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond repute
Default Re: What size deposit for mortgage on a WP?

Kids are so stressed out about Christmas. We have banned anything electrical from the Santa lists as we wont be able to take it with us. They are having real problems thinking of what they want this year - poor things. Looks like mum may save some money for once. He he he.

You sold that house yet?
destinationnovascotia is offline  
Old Sep 25th 2007, 5:15 am
  #22  
NS covern member #1
Thread Starter
 
Poppy2's Avatar
 
Joined: May 2007
Location: Halifax, Nova Scotia
Posts: 968
Poppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond repute
Default Re: What size deposit for mortgage on a WP?

No, not sold as yet. We have a contract on our house, but it is subject to them selling. They have a contract on their house now, but it is subject to them selling and on it goes. Scarily enough, when all the ducks get in a line it will go really fast and we will have only 2 weeks to get out and that could theoretically happen any day............. So I resolutely, and rather foolishly, refuse to think we will still be here for Christmas!!! As for electronics, our boys just had their birthdays and we got them both Nintendo DS lites - apparently will take both GBA and DS games, arent regioned, though will need either new chargers or use an adaptor when in NS. But they are so cool, can play games together via wi-fi (is that how it is spelt??) Oh so cool - makes me look like a cool mum too as they got them as a surprise!

I digress!
Poppy2 is offline  
Old Sep 25th 2007, 9:40 am
  #23  
The Cookie Monsters
 
landhouse's Avatar
 
Joined: May 2007
Location: Lancashire
Posts: 198
landhouse has a brilliant futurelandhouse has a brilliant futurelandhouse has a brilliant futurelandhouse has a brilliant futurelandhouse has a brilliant futurelandhouse has a brilliant futurelandhouse has a brilliant future
Default Re: What size deposit for mortgage on a WP?

Poppy2 for schools look at this link. It's the most recent AIMS school report for atlantic schools and is very similar to OFSTED in the UK. Our daughter looked through their websites too to see which she thought she liked the look of, which were in the top 15. Have to say they all look like prisons to me!

http://www.aims.ca/aimslibrary.asp?f...=1&id=1641&p=1

Hope the link works!
landhouse is offline  
Old Sep 25th 2007, 10:27 am
  #24  
Forum Regular
 
Joined: Oct 2004
Location: Eastern Passage, NS
Posts: 201
charlie1 is a glorious beacon of lightcharlie1 is a glorious beacon of lightcharlie1 is a glorious beacon of lightcharlie1 is a glorious beacon of lightcharlie1 is a glorious beacon of lightcharlie1 is a glorious beacon of lightcharlie1 is a glorious beacon of lightcharlie1 is a glorious beacon of lightcharlie1 is a glorious beacon of lightcharlie1 is a glorious beacon of lightcharlie1 is a glorious beacon of light
Default Re: What size deposit for mortgage on a WP?

Originally Posted by Poppy2 View Post
I have done a quick search on this and have got a little perplexed, I have seen different answers and I guess this means that there is some degree of variability in this matter?

We are moving to NS in the coming months, on a 2 year Work Permit. We aim to get there and get the PR underway immediately.

I have been looking at houses and using mortgage calculators, without considering that there might be a larger deposit required of us if we are not Permanent Residents. This alarms me as funds are not limitless and we have other purchases such as cars to buy when there also.

So what has been the experience of most poeple in this position? Are there varaibles between provinces, banks and other lenders??

Clearly, the more we can put into a mortgage, the better, but I would struggle if we were facing more than 20% and we will need to look at lower cost housing, which isnt a great prospect after seeing houses that we were comfortable with.

Thanks in advance, and apologies if this is re-hashing a recent thread I have over looked!!!!
have pm'd you with a very good advisors details, try contacting him, he is a great guy
charlie1 is offline  
Old Sep 25th 2007, 1:02 pm
  #25  
Forum Regular
 
Joined: Feb 2006
Location: Bedford
Posts: 69
Halifax harpie will become famous soon enough
Default Re: What size deposit for mortgage on a WP?

Originally Posted by Poppy2 View Post
I have done a quick search on this and have got a little perplexed, I have seen different answers and I guess this means that there is some degree of variability in this matter?

We are moving to NS in the coming months, on a 2 year Work Permit. We aim to get there and get the PR underway immediately.

I have been looking at houses and using mortgage calculators, without considering that there might be a larger deposit required of us if we are not Permanent Residents. This alarms me as funds are not limitless and we have other purchases such as cars to buy when there also.

So what has been the experience of most poeple in this position? Are there varaibles between provinces, banks and other lenders??

Clearly, the more we can put into a mortgage, the better, but I would struggle if we were facing more than 20% and we will need to look at lower cost housing, which isnt a great prospect after seeing houses that we were comfortable with.

Thanks in advance, and apologies if this is re-hashing a recent thread I have over looked!!!!
When we moved here 2 years ago we were given a 90% mortgage with RBC. When we bought a condo in Halifax last year for the kids to use now they are at university, we only had to put down a 5% deposit, but if you go this low, then you have to pay extra for insurance that will cover the mortgage. We have a great personal banker at RBC in Sunnyside, Bedford. Would recommend her to anyone coming over and needing to sort out banking. We have just had to renew our initial mortgage and have opted for a open one with RBC at 5.70%. There is talk that interest rates might go down so we are keeping options open.
Also, don't forget when they are working out how much you can borrow, they will take into account house tax and heating costs too. Our tax has gone up this year to just over C$3100 and our heating (oil) is approx C$2500 a year.
House prices have risen here since we bought 2 years ago. We paid
C$260 000 then but the average price now in our road is around C$340 000.
On a good day, it takes about 25 mins for us to get into Halifax from Bedford, normally in rush hour we allow 50 mins. There is a limited bus service. In winter travelling times are longer. Recently there was a car accident in Halifax that had the whole peninsula grid locked for hours. The same thing happened last year when we had the first snow fall of the season. It took our son 6 hours to get home on the bus, instead of the normal 1 hour. Whilst this is not normal, it does happen especially if there are accidents on the bridges. My OH works in Burnside, Dartmouth and it often takes him 35 mins to drive there from Bedford. Whilst it might look feasible to live further out and drive in to Halifax to work, which ever area you are coming from, you are going to hit traffic into Halifax as you have so few options getting onto the Peninsula. If you are looking at moving further out you need to look at what is available for the children. Here in Bedford, the local cinema has closed down and there is nothing locally for youngsters to do. You have sportsplex at Dartmouth and Sackville, but many of the facilities offered are over subscribed and there are waiting lists.
The weather has been lovely the last few weeks, still warm and sunny, but I would really suggest all those thinking of making a move here return in Jan/Feb. We originally visited in July but only moved in December. We thought we'd got off the plane in the wrong place - the contrast, not just in the weather, was so different.
Halifax harpie is offline  
Old Sep 25th 2007, 1:10 pm
  #26  
The Cookie Monsters
 
landhouse's Avatar
 
Joined: May 2007
Location: Lancashire
Posts: 198
landhouse has a brilliant futurelandhouse has a brilliant futurelandhouse has a brilliant futurelandhouse has a brilliant futurelandhouse has a brilliant futurelandhouse has a brilliant futurelandhouse has a brilliant future
Default Re: What size deposit for mortgage on a WP?

That's really interesting.

I think it can be all too easy to think that an hour to work will be ok, when in reality here in the UK an hour to work is a nightmare, let alone in winter with the driving rain, ice and snow. So why would we do it there?

We thought that it would be possible but we're more realistic about it now. We're moving out in December and think that if we can get through that we can look forward to the summer - in at the deep end as it were. It will give us a more realistic picture of life there, travelling times etc etc. Then we can decide on the best place to buy.
landhouse is offline  
Old Sep 25th 2007, 6:01 pm
  #27  
Forum Regular
 
OnlineCB's Avatar
 
Joined: Jan 2007
Location: St John's NL
Posts: 241
OnlineCB is a name known to allOnlineCB is a name known to allOnlineCB is a name known to allOnlineCB is a name known to allOnlineCB is a name known to allOnlineCB is a name known to allOnlineCB is a name known to allOnlineCB is a name known to allOnlineCB is a name known to allOnlineCB is a name known to allOnlineCB is a name known to all
Default Re: What size deposit for mortgage on a WP?

We have just taken out a mortgage with TD and paid 20% down (using only OH's salary). Our rate is lower than that advertised on their web site and we were really pleased with their personal service; they were lovely.

What we did find is that with TD, if you put less than 20% down then you have to pay CMHC insurance in case you default on your payments - the insurance is also to cover the bank's loss not yours and can add another 3% to your payments.

TD also collect our property tax and pay it for us - not sure if this is a local thing but property tax is paid in advance and our bank holds the tax money in our mortgage acct and pays it on our behalf in January and June.

More info on CHMC here

http://www.cmhc-schl.gc.ca/en/co/moloin/moloin_003.cfm
OnlineCB is offline  
Old Sep 25th 2007, 9:41 pm
  #28  
NS covern member #1
Thread Starter
 
Poppy2's Avatar
 
Joined: May 2007
Location: Halifax, Nova Scotia
Posts: 968
Poppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond reputePoppy2 has a reputation beyond repute
Default Re: What size deposit for mortgage on a WP?

Thanks so much for all that information - all will be duely added to the *pink book of info*.

Yes, an hours travel has not suited us at all well and we are definately not going to live that far out. Currently we are an hour from work and it adds 2 hours travelling time and we dont have snow here or the road conditions NS has.

Well we have had a good chat, cant remember if I have said this already, and the plan is to not rush in and buy, but rent for at least 6 months. We want to get accustomed to the living costs and heating issues, as well as the school area, before buying. Well that is the plan so far. But it makes me feel better, especially if some houses in certain areas are hard to shift!!
Poppy2 is offline  
Old Sep 27th 2007, 4:01 pm
  #29  
BE Forum Addict
 
Joined: Jun 2007
Location: Musquodoboit Harbour, Nova Scotia
Posts: 2,549
destinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond reputedestinationnovascotia has a reputation beyond repute
Default Re: What size deposit for mortgage on a WP?

Hi,
Just came across this info on the web. Looks like you can get mortgages with very little downpayment if you need to>

http://www.rbcroyalbank.com/RBC:RvvD...ly-making.html

Lynn
destinationnovascotia is offline  
Old Sep 27th 2007, 10:55 pm
  #30  
RETIRED Realtor
 
MB-Realtor's Avatar
 
Joined: Sep 2006
Location: Winnipeg, Manitoba
Posts: 2,082
MB-Realtor has a reputation beyond reputeMB-Realtor has a reputation beyond reputeMB-Realtor has a reputation beyond reputeMB-Realtor has a reputation beyond reputeMB-Realtor has a reputation beyond reputeMB-Realtor has a reputation beyond reputeMB-Realtor has a reputation beyond reputeMB-Realtor has a reputation beyond reputeMB-Realtor has a reputation beyond reputeMB-Realtor has a reputation beyond reputeMB-Realtor has a reputation beyond repute
Default Re: What size deposit for mortgage on a WP?

You pay CMHC insurance on any mortgage with a 20% deposit or less.

I was talking to a TD Mortgage manager here this morning, they are now looking at a minimum 35% deposit from new immigrants with PR and without an established credit history in Canada. For those on a work permit its a 50% deposit.

Now that will vary depending on individual circumstances, Banks like to lend money and need to keep doing so to stay in business, but just at the moment they are proceeding with more caution than before.

It doesn't mean you can't get a mortgage with a lower deposit, but it may not be from one of the big banks. There are "private money" mortgages available, but they cost more and can often have a hefty ($2,500 or more) arrangement fee.
MB-Realtor is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell or Share My Personal Information -

Copyright © 2023 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.