Welcome to our comprehensive mortgage down payment calculator. If you’re looking to buy a home in Ontario, calculating your down payment is an essential step in the process. Our calculator takes into account various factors to provide you with an accurate estimate of how much money you’ll need to put down on your future home.
When it comes to buying a home, the down payment is a significant financial commitment. It’s the upfront payment you make to secure the mortgage and is typically expressed as a percentage of the purchase price. Our calculator considers the current market conditions, your desired home price, and your financial situation to help you determine the optimal down payment amount for your circumstances.
With our easy-to-use calculator, you can quickly get an estimate of how much money you’ll need to buy a home in Ontario. Simply input the necessary information, such as the home price and your financial details, and our calculator will do the rest. Whether you’re a first-time homebuyer or looking to upgrade to a larger property, our calculator will give you the insights you need to make informed decisions.
Take the guesswork out of your down payment calculation and use our reliable calculator today. Plan your purchase and feel confident in your financial decisions. Start by entering the necessary information, and let our calculator provide you with an accurate estimate based on the current market conditions and your unique circumstances. Begin your journey towards homeownership in Ontario with our easy-to-use calculator.
Calculate Your Ontario Down Payment
If you’re looking to buy a home in Ontario, it’s important to have a clear understanding of the overall cost. One of the key aspects to consider is the down payment, which will determine the amount of your mortgage payment.
With our easy-to-use calculator, you can quickly estimate the down payment required for your Ontario home purchase. Simply enter the cost of the home you’re interested in, and our calculator will provide you with an accurate estimate.
Why is the Down Payment Important?
The down payment is a crucial part of the home buying process. It represents the initial payment you make on the home and is typically a percentage of the total cost. The higher your down payment, the lower your mortgage payment will be, as you’ll need to borrow less money from the lender.
Additionally, having a larger down payment can often result in better interest rates and lower loan fees. This can save you money over the life of your mortgage, making it one of the most important financial decisions to consider when purchasing a home.
Using Our Mortgage Calculator
Our easy-to-use calculator allows you to quickly estimate your Ontario down payment. Simply enter the cost of the home you’re interested in, and our calculator will do the rest. It will provide you with an estimate of the down payment amount and the resulting mortgage payment based on the current interest rates.
It’s important to note that this estimate may not include additional expenses such as closing costs and property taxes. However, it can give you a good starting point to help you plan and budget for your Ontario home purchase.
In conclusion, our Ontario down payment calculator is a valuable tool to help you estimate the down payment required for your home purchase in Ontario. By having a clear understanding of this cost, you can make informed decisions and plan your budget accordingly. Don’t forget to take advantage of our easy-to-use calculator and start calculating your Ontario down payment today!
Use Our Easy Calculator to Get Accurate Results
Are you planning to buy a home in Ontario? Knowing how much down payment you will need is an important step in the process. Our easy-to-use calculator can help you estimate the down payment required for the cost of your dream home.
Calculating your down payment is crucial when determining the overall affordability of your home purchase. With our calculator, you can input the cost of the home you wish to buy in Ontario and get an accurate estimate of how much down payment you will need.
How does our calculator work?
Our calculator takes into account the cost of the home, the percentage required for a down payment in Ontario, and any additional expenses you may have. By inputting these details, you will get an accurate estimate of the down payment amount.
The down payment is a percentage of the total cost of the home. In Ontario, the minimum down payment required for a mortgage is 5% for homes under $500,000. For homes between $500,000 and $1,000,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining amount. If the home costs more than $1,000,000, the minimum down payment is 20%.
Why is calculating the down payment important?
Knowing the down payment amount is crucial for several reasons. Firstly, it helps you determine if you have enough savings to cover the initial payment. Secondly, it affects the amount of your mortgage loan and the monthly mortgage payments you will have to make.
Calculating your down payment also gives you a clear picture of your financial situation and what it will take to buy a home in Ontario. This information is invaluable when it comes to planning your budget, understanding your affordability, and making informed decisions about your home purchase.
Use our easy calculator today and get accurate results for your home’s down payment in Ontario. Start your journey towards homeownership with confidence and financial clarity.
Note: The results provided by our calculator are estimates and should be used as a guideline. It’s always recommended to consult with a mortgage professional to get accurate and personalized advice for your specific situation.
Understand the Importance of a Down Payment
When looking to buy a home in Ontario, it is important to understand the significance of a down payment. A down payment is the initial payment made towards the purchase of a home and is typically expressed as a percentage of the total cost of the property.
By making a down payment, you are demonstrating your commitment to purchasing the home and your ability to manage the financial responsibility associated with homeownership. It also shows the lender that you are financially stable and reduces the lender’s risk, which may result in more favorable mortgage terms and interest rates.
An accurate estimate of your down payment can be calculated using an Ontario down payment calculator. This calculator takes into account factors such as the purchase price, mortgage term, interest rate, and any applicable insurance costs to provide you with a clear understanding of the amount you will need to save.
In Ontario, a minimum down payment of 5% is typically required for a home purchase that is less than $500,000. For homes with a purchase price of $500,000 to $1 million, the minimum down payment is 5% for the first $500,000 and 10% for the remaining amount. Homes with a purchase price over $1 million require a minimum down payment of 20%.
It is important to note that while a 5% down payment is the minimum requirement, a larger down payment can bring many benefits. A larger down payment not only reduces the amount you need to borrow, but it also means lower mortgage payments, less interest paid over the life of the mortgage, and potential access to better mortgage terms and interest rates.
Calculating your down payment using an Ontario down payment calculator is a crucial step in the homebuying process. It allows you to plan and save accordingly, ensuring you have the necessary funds when the time comes to make your purchase. By understanding the importance of a down payment and using a calculator, you can make informed decisions and set yourself up for success in homeownership.
Factors That Determine Your Down Payment
When buying a home in Ontario and applying for a mortgage, your down payment is an important cost to consider. The amount you will need to put towards the purchase of your home will depend on several factors. Here are some key factors that determine your down payment:
- Home price: The cost of the home you want to buy will play a significant role in determining your down payment. A higher-priced home will require a larger down payment, while a lower-priced home will require a smaller down payment.
- Mortgage type: The type of mortgage you choose can impact the amount of your down payment. For example, if you opt for a conventional mortgage, you may be required to put down at least 20% of the home’s purchase price. If you choose an insured mortgage, a down payment as low as 5% may be accepted.
- Loan-to-value ratio: The loan-to-value ratio is the percentage of the home’s purchase price that is financed through a mortgage. Lenders often have restrictions on the maximum loan-to-value ratio they will allow, which can affect the size of your down payment.
- Credit score: Your credit score can influence your down payment requirements. Lenders may be more willing to accept a smaller down payment if you have a higher credit score, as it demonstrates your ability to manage debt responsibly.
- Location: The location of the property can also impact the size of your down payment. Certain areas may have specific requirements or incentives that can affect the amount you need to put down.
Knowing these factors can help you estimate your down payment using our Ontario down payment calculator. Keep in mind that it’s always a good idea to consult with a mortgage professional to get an accurate estimate based on your specific situation.
Different Types of Down Payment Assistance Programs
When it comes to buying a home, one of the biggest challenges for many people is coming up with the down payment. The down payment is the upfront payment that you make towards the cost of the home, separate from your mortgage. In Ontario, there are various down payment assistance programs available to help potential homebuyers with their down payment.
Here are some of the different types of down payment assistance programs in Ontario:
- 1. First-Time Home Buyer Incentive: This program is offered by the Canadian government and provides a shared equity mortgage, where the government shares in the upside and downside of the property value. This program allows first-time homebuyers to buy a home with a lower down payment.
- 2. Ontario Homeownership Savings Plan: The Ontario government offers a program where eligible individuals can open a special savings account to save for their down payment. The government will match 1:1 on the savings, up to a maximum of 10% of the home purchase price.
- 3. Municipal Down Payment Assistance Programs: Many municipalities in Ontario offer their own down payment assistance programs. These programs provide financial assistance or loans to eligible homebuyers to help cover the down payment.
- 4. Non-Profit Organizations: There are several non-profit organizations in Ontario that offer down payment assistance programs. These organizations may provide grants or forgivable loans to eligible homebuyers.
- 5. RRSP Home Buyers’ Plan: The RRSP Home Buyers’ Plan allows first-time homebuyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) to use towards their down payment.
It’s important to note that each down payment assistance program has its own eligibility criteria and requirements. It’s recommended to research and understand the specific details of each program to determine which one may be suitable for your situation.
By utilizing these down payment assistance programs, potential homebuyers in Ontario can estimate their down payment and make homeownership more accessible.
How to Save for Your Down Payment
Buying a home in Ontario can be an exciting and rewarding experience. However, one of the biggest challenges many potential homeowners face is saving up for a down payment. The down payment is a lump sum of money that you pay upfront when you purchase a home. It is a percentage of the total purchase price and is typically required by mortgage lenders.
1. Set a Savings Goal
The first step in saving for your down payment is to set a savings goal. Determine how much you want to save and by what date. Consider factors such as the price of the home you want to buy, the down payment percentage required by lenders, and your current savings rate.
2. Create a Budget
To reach your savings goal, it’s important to create a budget. Take a close look at your income and expenses and identify areas where you can cut back. Consider reducing discretionary spending, finding ways to save on monthly bills, or increasing your income through additional work or side hustles.
3. Automate Your Savings
Make saving for your down payment a priority by automating your savings. Set up automatic transfers from your checking account to a separate savings account specifically designated for your down payment. This way, you won’t have to rely on remembering to save each month.
4. Explore Assistance Programs
In Ontario, there are various government programs and initiatives that can assist first-time homebuyers with their down payment. Research and explore these programs to see if you qualify for any assistance or grants.
5. Use an Online Calculator
Estimate your down payment using an online calculator. Input details such as the purchase price of the home, the down payment percentage, and any applicable taxes or fees. This will give you an idea of how much you need to save and help you track your progress.
By following these steps, you can save for your down payment and achieve your goal of homeownership in Ontario. Remember, it may take time and discipline, but the reward of owning your own home is worth the effort.
Common Mistakes to Avoid When Calculating Your Down Payment
Calculating your down payment is an important step when buying a new home. It helps you estimate how much money you need to save before you can make your purchase. However, there are some common mistakes that people often make when using a down payment calculator. By being aware of these pitfalls, you can avoid costly errors and ensure that you are financially prepared for your new home.
1. Not Including All Costs
One common mistake is forgetting to include all the costs associated with buying a home. It’s not just the down payment and mortgage payment that you need to consider. There are other expenses such as closing costs, property taxes, home inspection fees, and homeowner’s insurance. These costs can add up quickly and make a significant impact on your budget. Make sure to factor them into your calculations to get an accurate estimate of how much you need to save.
2. Underestimating Your Down Payment
Another mistake is underestimating how much down payment you will need. While it is possible to buy a home with a down payment as low as 5%, this often comes with additional costs such as mortgage insurance premiums. If you can afford a larger down payment, it can save you money in the long run by reducing your overall mortgage costs. Use a down payment calculator to figure out the best down payment amount for your situation.
Remember, your down payment plays a significant role in determining the cost of your mortgage and the amount of interest you will pay over the life of the loan.
Using a down payment calculator is an excellent way to estimate the cost of your new home and plan your finances accordingly. However, it’s important to avoid these common mistakes to ensure that you have an accurate estimate and are financially prepared for the purchase. By including all the costs and accurately estimating your down payment, you can make better decisions and avoid surprises when it’s time to close on your new home.
Calculating your down payment and understanding the true cost of homeownership is crucial for a successful home-buying journey. Take the time to use a reliable calculator, consider all expenses, and plan your budget wisely.
Benefits of Using a Down Payment Calculator
When considering purchasing a home in Ontario, one of the most important factors to consider is the cost and down payment required. Estimating your down payment can be overwhelming, but using a down payment calculator can make the process easier and more efficient.
A down payment calculator allows you to quickly and accurately determine how much you will need to save for a down payment based on the cost of the home you wish to buy in Ontario. By inputting the purchase price of the home and selecting the percentage you are willing to put down, the calculator will provide you with an estimate of your required down payment.
Using a down payment calculator offers several benefits:
1. Financial Planning
Calculating your down payment in advance enables you to plan your finances accordingly. It gives you a clear idea of how much money you need to save and helps you set realistic goals for reaching that amount. This allows you to create a budget and make necessary adjustments to your spending habits to ensure you can afford the down payment when the time comes.
2. Mortgage Assessment
Knowing the required down payment enables you to assess the size of the mortgage you will need to obtain. By understanding the relationship between your down payment and the mortgage amount, you can determine whether you are comfortable with the monthly mortgage payments and associated costs.
Overall, using a down payment calculator takes the guesswork out of estimating your down payment and allows you to make informed decisions when it comes to purchasing a home in Ontario. It provides you with a clear picture of the financial commitment required and helps you plan and budget accordingly.
How Our Calculator Works
Our Ontario Down Payment Calculator is a simple tool that can help you estimate the down payment required when buying a home in Ontario. The calculator takes into account the cost of the home and the percentage of the down payment that you would like to make.
Once you enter the cost of the home and your desired down payment percentage, the calculator will provide you with an estimate of the down payment amount. This can give you a better understanding of how much you will need to save before purchasing a home.
The calculator works by multiplying the cost of the home by the desired down payment percentage. For example, if the home cost is $500,000 and you want to make a 20% down payment, the calculator will multiply $500,000 by 20% (0.20) to give you an estimated down payment of $100,000.
It’s important to remember that this estimate is based on the information you provide and does not take into account any additional costs or fees that may be associated with buying a home, such as closing costs or mortgage insurance.
Using our Ontario Down Payment Calculator can help you get a rough idea of how much you will need to save before buying a home in Ontario. It’s always a good idea to consult with a mortgage professional or financial advisor to get a more accurate estimate and to understand the full cost of purchasing a home.
Whether you are a first-time homebuyer or looking to upgrade to a new home, our calculator can assist you in planning your down payment and taking the first step towards homeownership in Ontario.
Step-by-Step Guide to Using Our Calculator
Buying a home in Ontario can be an exciting but daunting process, especially when it comes to figuring out how much you’ll need for a down payment. Our easy-to-use calculator can help you estimate your down payment amount, making it easier for you to plan your finances and budget for your dream home.
Here’s a step-by-step guide to using our calculator:
- Open the calculator page on our website.
- Enter the purchase price of the home you’re considering.
- Input the minimum down payment percentage required in Ontario, which is typically 5% for homes with a purchase price of up to $500,000.
- If the purchase price of the home is over $500,000, enter the down payment percentage required for the remaining portion. For example, if the home you’re considering costs $600,000, you’ll need to enter the minimum 5% for the first $500,000 and 10% for the remaining $100,000.
- The calculator will then estimate the down payment amount you’ll need in Ontario.
- If you want a more accurate estimate, you can also input your estimated mortgage interest rate and amortization period.
- Click on the “Calculate” button to get your personalized down payment estimate.
- Review the results, which will show you the estimated down payment amount and the total purchase price you can afford based on your down payment.
- Use this information to plan your finances and determine how much you’ll need to save for your down payment.
- You can also adjust the calculator inputs to explore different scenarios and see how different down payment percentages will affect your affordability.
Our calculator is a helpful tool that can save you time and provide you with valuable information while you navigate the homebuying process in Ontario. Remember to consult with a mortgage professional for personalized advice and to discuss your specific financial situation.
Get a Clear Understanding of Your Financial Situation
Before you start searching for your dream home in Ontario, it’s important to have a clear understanding of your financial situation. This will help you determine how much you can afford and what your down payment will be.
The cost of a home in Ontario can vary greatly depending on the location and size of the property. Therefore, it’s crucial to estimate the total cost of the home you want to buy, including any additional expenses such as closing costs, property taxes, and homeowner’s insurance.
Once you have a rough estimate of what the home will cost, you can calculate how much you will need for the down payment. The down payment is the amount of money you will need to pay upfront when you secure a mortgage for your home.
The down payment is typically a percentage of the total cost of the home. In Ontario, the minimum down payment required is 5% of the home’s purchase price for properties that are $500,000 or less. For properties that are over $500,000, the minimum down payment required is 5% for the first $500,000 and 10% for the portion of the purchase price above $500,000.
Using our easy calculator, you can enter the total cost of the home you want to buy in Ontario and it will provide you with an estimate of how much your down payment will be. This will give you a clear understanding of your financial situation and help you plan accordingly.
Remember, the down payment is just one aspect of your financial situation when it comes to buying a home. You will also need to consider other costs such as the mortgage payment, property taxes, and monthly expenses.
By getting a clear understanding of your financial situation upfront, you can make informed decisions and ensure that you are financially prepared to buy a home in Ontario.
Learn About the Mortgage Options Available in Ontario
When you’re ready to buy a home in Ontario, one of the most important factors to consider is how to finance your purchase. Understanding the mortgage options available to you can help you make an informed decision and find the best solution for your financial needs.
Mortgage Types
There are several types of mortgages available in Ontario. The most common options include:
- Fixed-rate mortgages: These mortgages have a set interest rate that remains the same throughout the term of the loan. This provides stability and allows for predictable monthly payments.
- Variable-rate mortgages: With this type of mortgage, the interest rate fluctuates based on market conditions. While this may result in lower rates in certain periods, it can also lead to higher payments if rates increase.
- Open mortgages: Open mortgages allow borrowers to make additional payments or pay off the mortgage in full without penalties. This flexibility can be beneficial if you plan to sell or refinance your home in the near future.
- Closed mortgages: Closed mortgages have prepayment penalties if you want to make additional payments or pay off the mortgage before the end of the term. However, they often come with lower interest rates compared to open mortgages.
Mortgage Calculator
Before committing to a mortgage, it’s essential to determine how much you can afford and what your monthly payments will be. Use our mortgage calculator to estimate the cost of your home, down payment, and monthly payments based on the mortgage options available in Ontario.
Note: The calculator provides an estimate and should be used as a starting point for your financial planning. Make sure to consult with a mortgage professional to get accurate and personalized information.
Buying a home in Ontario is a significant financial decision, and understanding the mortgage options available can help ensure you make a well-informed choice. Take the time to research the different options, use our mortgage calculator, and consult with a mortgage specialist to find the best mortgage for your needs and budget.
How to Calculate Your Monthly Mortgage Payments
If you are planning to buy a home in Ontario, it’s important to understand how to calculate your monthly mortgage payments. These payments are crucial to determining the overall cost of your new home, and can help you estimate whether you can afford to make the purchase.
First, you’ll need to consider the down payment you can afford to make. This is the amount of money you will be paying upfront towards the cost of the home. In Ontario, a typical down payment is 20% of the total home price.
Next, you’ll need to calculate the mortgage amount you will be borrowing. This is the difference between the total home price and the down payment you can afford. It’s important to factor in any additional costs, such as mortgage insurance, that may be required.
Once you have determined the mortgage amount, you can calculate your monthly mortgage payment. This payment consists of two main components: the principal, which is the amount of money you are borrowing, and the interest, which is the cost of borrowing the money from the lender.
To estimate your monthly mortgage payment, you can use a mortgage calculator or the following formula:
Monthly Mortgage Payment = (Mortgage Amount × Monthly Interest Rate) / (1 – (1 + Monthly Interest Rate) ^ (-Number of Monthly Payments))
Once you have calculated your estimated monthly mortgage payment, it’s important to consider whether you can comfortably afford to make this payment each month. You should take into account your current income, expenses, and other financial obligations.
Keep in mind that this is just an estimate and your actual monthly mortgage payments may vary. It’s always a good idea to consult with a mortgage professional to get a more accurate calculation based on your specific financial situation.
By understanding how to calculate your monthly mortgage payments, you can make informed decisions when it comes to buying a home in Ontario. Remember to factor in the down payment, mortgage amount, and other costs to get a comprehensive understanding of the overall cost of your new home.
Factors That Can Impact Your Mortgage Approval
When you’re looking to buy a home in Ontario, it’s important to understand the factors that can affect your mortgage approval. Your mortgage is a significant financial commitment, and the approval process can be influenced by a variety of factors.
Credit Score
Your credit score plays a crucial role in determining your mortgage eligibility. Lenders use your credit score to assess your financial history and determine your creditworthiness. A higher credit score indicates responsible financial behavior and makes you more likely to be approved for a mortgage. On the other hand, a low credit score could result in a higher interest rate or even a declined application.
Down Payment
The size of your down payment can impact your mortgage approval. In Ontario, a larger down payment can help you secure a mortgage with more favorable terms. It demonstrates your ability to save and shows lenders that you have a vested interest in the property. Using an online calculator to estimate the cost of your down payment can help you plan and budget accordingly.
In addition to the down payment amount, the source of your down payment can also impact your mortgage approval. If the down payment is gifted from a family member, some lenders may have specific guidelines and requirements.
Debt-to-Income Ratio
Your debt-to-income ratio (DTI) is a measure of your monthly debt payments compared to your income. Lenders use this ratio to assess your ability to manage your debt obligations and determine if you can handle the additional mortgage payment. A lower DTI indicates that you have more disposable income and are less likely to default on your mortgage.
When applying for a mortgage, it’s important to consider these factors and ensure you’re in a strong financial position to increase your chances of mortgage approval and secure your dream home in Ontario.
Additional Costs to Consider When Buying a Home
When buying a home, it’s important to consider the additional costs that come along with your mortgage down payment. While it’s easy to estimate your down payment using an Ontario payment calculator, there are other expenses that you should be aware of.
Here are some additional costs you should consider when buying a home:
- Closing costs: These are the fees and expenses associated with finalizing your home purchase. They may include legal fees, land transfer tax, title insurance, and other costs.
- Home inspection: Before finalizing your purchase, it’s recommended to hire a professional home inspector to assess the condition of the property and identify any potential issues. This is an additional cost that should be factored into your budget.
- Appraisal fee: Lenders often require an appraisal to determine the value of the property. This fee is usually paid by the buyer and can vary depending on the property and location.
- Property insurance: It’s important to have insurance coverage for your new home to protect against potential damage or loss. The cost of insurance can vary depending on factors such as the location, size, and value of the property.
- Utility connections: When moving into a new home, you may need to set up new utility connections such as electricity, gas, water, and internet. These costs should be accounted for in your budget.
- Moving expenses: Whether you hire professional movers or rent a moving truck, there will be costs associated with moving your belongings to your new home. Don’t forget to include these expenses in your calculations.
By considering these additional costs when buying a home, you can better estimate your budget and ensure a smooth transition into homeownership. Remember to factor in these expenses alongside your mortgage down payment to get a more accurate picture of the overall cost of buying a home in Ontario.
Contact Our Experts for Personalized Advice
If you are considering buying a home in Ontario and need help estimating your down payment, our team of experts is here to assist you. Our down payment calculator is a great starting point to get an estimate of the cost, but to get personalized advice tailored to your specific situation, it’s always best to speak with one of our professionals.
Our experts have extensive knowledge of the Ontario housing market and can provide you with accurate information on current down payment requirements. They will take into account factors such as your desired home price, your financial situation, and any available programs or incentives that may assist with your down payment.
With their guidance, you can ensure that you have a clear understanding of the down payment amount needed to purchase your Ontario home. They can also answer any questions you may have about the home buying process and provide valuable insights that can help you make informed decisions.
Don’t rely solely on an estimate from a calculator. Contact our experts today for personalized advice that will help you navigate the complexities of the Ontario real estate market and find the most suitable down payment option for your needs.
Remember, buying a home is one of the biggest financial decisions you’ll make, so it’s important to have the right information and guidance to ensure a smooth and successful process.
Reach out to our experts today and take the next step towards owning your dream home in Ontario.
Question-Answer:
How can I calculate my down payment in Ontario?
You can calculate your down payment in Ontario by using our easy calculator. All you need to do is enter the purchase price of the property and the percentage of down payment you would like to make. The calculator will then provide you with the exact amount of down payment you need to make.
Can I make a down payment less than 20% in Ontario?
Yes, you can make a down payment less than 20% in Ontario. However, if your down payment is less than 20%, you will need to pay for mortgage loan insurance. The insurance premium is based on the loan-to-value ratio and can be added to your mortgage or paid upfront.
Is there a minimum down payment requirement in Ontario?
Yes, there is a minimum down payment requirement in Ontario. If the purchase price of the property is less than $500,000, the minimum down payment is 5% of the purchase price. If the purchase price is between $500,000 and $1 million, the minimum down payment is 5% of the first $500,000 and 10% of the remaining amount. If the purchase price is $1 million or more, the minimum down payment is 20%.
Do I need to pay for mortgage loan insurance if my down payment is 20% or more?
No, you do not need to pay for mortgage loan insurance if your down payment is 20% or more. Mortgage loan insurance is only required for down payments less than 20% in order to protect the lender in case of default.
Can I use a gift or a loan from a family member as my down payment in Ontario?
Yes, you can use a gift or a loan from a family member as your down payment in Ontario. However, the gift or loan needs to be genuine and not repayable. You will also need to provide documentation to prove the source of the funds.