Low downpayment options

[Joseph Shin]

The united states seem to have the FHA loan (3.5% down I believe)

Do we have something similar here in Canada?

What conditions are there (first-time homebuyer)

Looking to househack a duplex or triplex property in the central Ontario area.

[Matt Geerts]

Bank mortgages for single and duplex owner-occupied are 5% down, and for three and four-plex you need 10% down. Of course for either of those you still need to add your legal fees ($700?) and land transfer tax (1%-$250), and don't forget your utility hookups, etc that'll come to potentially a couple hundred depending on your utility billing history.

Alternatively, you can find a KILLER deal, get a 100% funded private bridge loan and refinance with the bank either as-purchased or after some repairs to boost the appraisal. This is the BRRRR method, but the 'R'ehab and 'R'ent are actually optional - just beneficial.