Start by understanding the average price of homes in your area. The average home price in Canada in August 2021 was $663,500, according to data from the Canadian Real State Association:
When you’re buying a home, the down payment is calculated as a percentage of the total purchase price. The higher the price, the higher the down payment.
WHAT IS A GIFT LETTER FOR A MORTGAGE DOWN PAYMENT?
When you use gift funds, your lender may require you to provide a gift letter. A gift letter for a down payment is a written statement explaining who is gifting the money, where the funds are coming from, and what the relationship is between the donor and recipient.
A gift letter must include the following:
If you need to provide additional information with your gift letter, your lender will let you know what you need.