Types of Down Payment

From the sale of an existing property:

You will be required to provide copies of the unconditional Purchase and Sale Agreement on your existing property and the Mortgage Balance Statement on any mortgages presently held against the property. The difference between the sale price and the mortgage owing will verify the funds available for your downpayment.

Gifted Downpayment:

All or part of the minimum downpayment may be provided by way of a financial gift, as long as all of the following conditions are met:

1. the donor is an immediate relative of the borrower.
2. the approved lender has verified that the money is a genuine gift.
3. the approved lender has verified that the funds are in the borrower's possession prior to the time of the application of CMHC or Genworth for mortgage loan insurance.

From own resources:

You must supply verification satisfactory to CMHC or Genworth and the lender of accumulated savings from non-borrowed funds. This may be a copy of your bank statement or your bankbook confirming a balance equivalent to your downpayment, including the amount of deposit confirming the savings of said amount for a period of not less than 3 months. Should a substantial deposit have been made recently, the source of funds (i.e. Bonds, Stocks, GIC's or RRSP receipts/statements) will also be required.