Knowledge centre
Be careful. RRSP contributions made in the 89-day period before an HBP withdrawal may not be deductible when the post-withdrawal RRSP value is insufficient to support the contribution.
For a first HBP withdrawal made from 2022 through 2025, temporary relief generally delays the start of the 15-year repayment period until the fifth year after the withdrawal year.
A qualifying insured straight switch at renewal may avoid another minimum-qualifying-rate test, but the receiving lender still reviews the mortgage and can decline it under its own policy.
No. The higher insured-price cap expands eligibility for purchases below the program limit, but the lender and insurer still assess the borrower and property, and a lower appraisal can increase the cash required.
The federal minimum on a $1.2 million purchase is $95,000: 5% of the first $500,000 plus 10% of the remaining $700,000, provided the mortgage and property qualify for insurance.
Ontario’s temporary enhanced new-housing relief can materially reduce HST for eligible agreements signed from April 1, 2026 through March 31, 2027, but the buyer, property, price, occupancy or rental use and agreement date must all fit.
CMHC expanded mortgage-insurance options for eligible prefabricated, modular and manufactured homes in May 2026, but the property, land, construction contract and lender still have to fit the program.
Ontario’s NRST is generally a 25% tax on certain residential-property acquisitions by foreign nationals, foreign corporations and taxable trustees. Citizenship, permanent-resident status, ownership structure and exemptions must be checked before the offer becomes firm.
A federally regulated financial institution must provide its mortgage renewal statement at least 21 days before the end of the existing term—but waiting for that letter can leave too little time to compare properly.
Contact the lender before missing payments and ask for a documented assessment of relief measures. Available options depend on the lender, mortgage and hardship; no single measure is guaranteed.