Frequently Asked Questions

What is a down payment and how much do we need?

A down payment is the amount of money needed up-front to buy a home. The larger the down payment, the easier the other expenses will be to manage. Once you're ready to put an offer on a property you'll need part of your down payment as a deposit, so remember to keep some funds easily available and accessible.

What is the difference between a Conventional versus CMHC mortgages?

If you can provide a down payment of 25% or more of the purchase price, you may qualify for what's called a Conventional Mortgage. If you have less than 25% to put down, you would apply for a High Ratio Mortgage. This type of mortgage must be insured by the Canada Mortgage and Housing Corporation (CMHC). Your down payment with a CMHC mortgage can be as low as 5%. You will have to pay an insurance premium between 1.25% to 3.75% of the total mortgage amount, depending on the size of the down payment. You can pay this premium in cash or, to make it more convenient, EKC can add it to your mortgage amount.

May I use my RRSP's toward my down payment?

As a first time buyer; you may be eligible for the government-approved RRSP Home Buyers' Plan. You and your eligible spouse may withdraw up to $25,000 each from your RRSP's using funds which have been in your RRSP's for at least 90 days. You don't have to pay income tax on the funds, as long as you repay the total amount to your RRSP over the next 15 years. Your re-payments have to start in the second calendar year after the withdrawal.

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Tanya Hansen

Lindsey Zemek

Marla Bedard
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Kirsten Tunnicliffe
250-417 4536

Sharon Cameron

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Fernie Sparwood

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