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Resources & Guides
Educational guides, tools, and answers to help you on your homeownership journey.
Ask Mabel AI AnythingGuides & Articles
First-Time Buyer's Guide
Everything you need to know about buying your first home in Canada.
Read More GuideUnderstanding CMHC Insurance
What is mortgage insurance and when do you need it?
Read More GuideDown Payment Strategies
Smart ways to save for your down payment faster.
Read More GuideThe Home Buying Process
Step-by-step walkthrough from pre-approval to closing.
Read More GuideHidden Costs of Buying
Land transfer tax, legal fees, and other costs to budget for.
Read More GuideRent vs Buy Decision
Framework to help you decide if buying makes sense for you.
Read MoreFrequently Asked Questions
How much down payment do I need?
In Canada, the minimum down payment depends on the home price. For homes up to $500,000, you need at least 5%. For homes between $500,000 and $1 million, you need 5% of the first $500,000 and 10% of the remaining amount. Homes over $1 million require 20% down.
What is the stress test?
The mortgage stress test requires you to qualify at a higher interest rate than your actual mortgage rate. This is typically your contracted rate + 2% or 5.25%, whichever is higher. It ensures you can handle payments if rates rise.
Should I rent or buy?
It depends on your situation. Consider your timeline (staying 5+ years favors buying), financial readiness, and lifestyle preferences. Our Rent vs Buy calculator can help you compare the financial aspects.
What are closing costs?
Closing costs typically range from 1.5% to 4% of the purchase price. They include land transfer tax, legal fees, title insurance, home inspection, and appraisal fees.
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