Deposit and down payment–two words that are commonly used and often interchanged. While they’re both upfront costs in the home buying process, the two terms are entirely different.
mortgage
During the pandemic-era housing boom, many homebuyers purchased residential properties at rock-bottom mortgage rates. In response to the national economy’s pressures, the Bank of Canada (BoC) slashed interest rates to near zero, allowing prospective homeowners to obtain greater purchasing power and acquire a detached house, townhome, or condominium suite that might have exceeded their initial budgetary...