Tuesday, April 8, 2014

So CMHC changed the rules and you are require to put 5% down? Ummm… Vancity says nope.

We get it: saving for your first home can be a serious challenge -- especially here in BC. Even a 5% down payment can sometimes feel like an unattainable financial goal.

This video will give you a basic overview of how the Down Payment Helper Mortgage will match the amount you've currently saved for your down payment, up to a maximum of $12,500.
Who says you need 5% down in Vancouver?

(hat tip b5baxter)


Email: village_whisperer@live.ca
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Please read disclaimer at bottom of blog.


  1. Vancity (and other local CUs) are heavily exposed to residential mortgages; much more so than the big banks. I think they will pay a high price for this exposure.

  2. After a short nap Mr. Bubble is back.

  3. I don't think the Bubble left but with residential building permits falling and condo start-ups (new) fizzling it will take a few more months 8-12 for any more affects of this stuff to take a real affect on the market - but then I could be wrong.


  4. Rob Carrick wrote a great follow-up article on owning a home versus renting and investing the difference


  5. Thanks for sharing this video. It is true, buying a home in Vancouver can be difficult, 5% down for a million dollar home isn't cheap at all. ( That is the average now a days ) This could prove to help a lot of people out there who simply can't afford to put a down payment.

  6. I am contacting Vancity Board candidates for opinions on this product. I will post results here. Vancity members can vote for the board up until the end of this week.