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Navigating the Canadian Housing Market When Buying a Home

The Canadian housing market can generally be daunting for any homebuyer. In fact, federal studies have shown that, from 1999 to 2016, the median mortgage debt for Canadian families has almost doubled!

Considering these elements, something to think about if you do move forward is TD Mortgage Protection. It’s one way to help safeguard your biggest financial obligation.

What should I consider when buying a home?

As you search for your new home, here are some useful tips you may want to keep in mind.

  • A 20% down payment is recommended when buying a home or condo. If you make a down payment of less than 20%, you’re considered to have a high-ratio mortgage, and that means you’ll have to pay for mortgage default insurance to offset that risk.
  • Do you know the closing costs of the place you’re buying? Be prepared to factor that element into your budget.
  • Consider potential refunds you could be eligible for. For example, some provinces offer land transfer tax refunds to first-time homebuyers. The First-Time Home Buyer Incentive can also provide a financial boost for new homeowners.
  • Look at the benefits of TD Mortgage Protection, Mortgage Critical Illness Insurance and Mortgage Life Insurance to help you and your loved ones with mortgage-related financial burdens1 if you were to suffer a covered critical illness or pass away2.

Even if you’ve already purchased your new home, TD Mortgage Protection is worth considering.

To get an understanding of what might suit you, visit our Credit Protection Assessment Tool. It’s a user-friendly way to see how a covered critical injury or illness might impact your finances. See for yourself how a small insurance investment could make a big financial difference for you, your loved ones and the future you’re building.

Interested in learning more about how TD Mortgage Protection can help you feel truly settled in your new home? We’re ready for you. You can reach us online or call us at 1-888-983-7070, where TD advisors are waiting for your questions.

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The content on this page is for general information purposes only and does not constitute legal advice. Coverages described herein may be subject to additional eligibility criteria, limitations and exclusions. In the event you make a claim, potential indemnification is also subject to the receivability of the claim and the type of coverage you bought.

In the case of conflict between the content on this page and your policy wordings, your policy wordings shall take precedence. Please speak to an Advisor or consult your policy wordings for further details.

1The insurer pays the amount of the outstanding mortgage balance to The Toronto-Dominion Bank subject to maximum coverage, limitations and exclusions as outlined in the Certificate of Insurance.

2Optional Mortgage Critical Illness and Life Insurance provides life, terminal illness, accidental dismemberment and critical illness coverages. Accidental dismemberment coverage underwritten by TD Life Insurance Company (“TD Life”). All other coverages underwritten by The Canada Life Assurance Company. TD Life is the authorized administrator for this insurance. For complete details of coverage, including defined terms, benefits, features, limitations and exclusions, please refer to the Certificate of Insurance. Applications subject to approval. Eligible mortgages include Conventional or Canadian Mortgage and Housing Corporation (CMHC). Self-directed RSP mortgages and mortgages on commercial properties are not eligible to be insured.