If you're thinking of buying without a down payment can we make a suggestion? FORGET IT!!!
One of the recent changes made by CMHC was the elimination of the no down payment mortgage.
The method used to qualify you for 100% financing is accessing mortgages that give you a "cash back" option. What that means is lenders will qualify you at a higher rate of interest and give you 5% of the total amount you borrow back to you and you use that money for the down payment.
It's hardly a free down payment. You will be paying a much higher rate of interest and you will be asked to pay a portion or all of it back if you leave the mortgage before the end of the 5 year term. The devil is in the details for this mortgage. Make sure you put it under the microscope if you are considering this option.
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