Unlike renting, buying a home is an investment that can appreciate over time, which eventually means more long-term financial security. If you are renting, you may be surprised at how much mortgage you could afford to carry instead.

Let’s consider your downpayment. The more you can put towards a down payment, the less you’ll need to borrow and the more you’ll save in interest over the years. By law, Canadian banks can only provide mortgage financing if you have a minimum 20% down payment, unless the mortgage is insured against default. Mortgage default insurance can help you purchase a home and begin building equity sooner. Learn more  [PDF 59kb]

Once you've decided on how you would like to proceed, take advantage of the Scotiabank’s Pre-Approved Mortgage and 120 Day Rate Guarantee²! House hunting with a pre-approved mortgage gives you the power to make an offer on the spot when you find the home you want at the price you know you can afford.

Budget For a Home Purchase
Check out this list of one-time and ongoing costs associated with buying and maintaining the house you want.