Buying a home in Canada

• Make sure you have the time and the finances to maintain your home. Fixing things, removing snow from your property and managing a garden can be very time-consuming.
• Used to renting? You'll now have to pay property taxes, buy insurance, take care of water bills and manage other home expenses.
• When you're ready to buy a home, you'll probably need to get a loan, called a mortgage, from your bank. A professional mortgage advisor can help you understand how much money you'll need as a down payment, how much money you will have to borrow and how long it will take you to pay the money back.

• First, gather information on your financial situation and the location and type of home you hope to buy. Find advice about document requirements, whether to rent or buy, how to start saving a down payment and more in our mortgage resource centre.
• If this is your first home, read our guide for first-time home buyers.
• Find out how much you might be able to afford by using our mortgage affordability calculator.
• You can get pre-approved for a mortgage now Opens in a new window., if a special program is not needed to qualify for a mortgage. One of our CIBC Mortgage Advisors will contact you within 1 business day.
• You can always discuss your mortgage options in detail by requesting a call from a Mortgage Advisor Opens in a new window.. They'll guide you through the next steps towards getting your mortgage application approved and buying a home.

To qualify for most CIBC mortgages, you need to meet a few requirements.

You need to have:

• Documents that confirm your income and employment
• Enough income to make your regular mortgage payments
• A minimum down payment is required

The property should be:

• Located in a built-up area with municipal services like water, sewer and hydro
• Structurally sound with good plumbing, central heating and wiring that meets municipal standards

You might need a guarantor if you can't meet all the lending criteria on your own. The minimum mortgage amount is $10,000.

CIBC mortgages are available across Canada on new or existing properties ranging from detached single-family homes to 4-unit dwellings or individual condo units. You can use a CIBC mortgage to buy a property or transfer a mortgage from another financial institution, and for mortgage renewal, refinancing and assumption. Conditions apply to each.

Find out how much mortgage you can afford with our mortgage affordability calculator.

If you're buying a home, you may need a mortgage to help pay for it. A mortgage is a type of loan. You can't get a mortgage for 100% of the cost of your new home, so you'll have to pay some of the cost yourself. This amount is called the down payment.

For information about CIBC mortgages and related products, visit CIBC mortgages. You can also find more answers to common questions about mortgages in our mortgages frequently asked questions.

You can also discuss your mortgage options in detail by requesting a call from a Mortgage Advisor Opens in a new window..