Tried buying a condo in Calgary with a 5% down payment versus waiting to save 20%.

The mortgage insurance cost me an extra $12,000 upfront, but getting in last year meant the price jumped 8% while I was saving. Has anyone else run the numbers on whether paying the CMHC fee was worth it to buy sooner?

2 comments

2 Comments

michaels9512d ago

Ever wonder if that insurance fee is just throwing money away? I bought with 5% down two years ago and my place has gone up in value way more than the fee cost. Sometimes getting in the market beats waiting for the perfect down payment.

thomas.piper11d ago

My insurance fee felt like a total waste until my kitchen flooded last year. @michaels95 has a point about the market gains, but that monthly payment saved me from a massive disaster bill. Sometimes you're paying for peace of mind, not just an investment boost. My own place has gone up too, but I'd be in real trouble without that safety net. It's like a weird tax for buying without a giant pile of cash.