It’s time for many Canadians to abandon the 20% down-payment rule

A popular and sensible bit of financial advice is that you should ideally wait to buy a house until you have a down payment of at least 20 per cent and thus are excused from buying mortgage default insurance. But if it takes a few years to save that much, you may find that soaring prices more than offset the savings on mortgage insurance.

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It’s time for many Canadians to abandon the 20% down-payment rule