While it’s customary to give the seller a deposit (generally around 5% of the purchase price) within 24 hours of accepting your offer, you won’t need to supply the rest of your down payment until shortly before your closing date. You will, however, need to know where the money will come from. According to the 2024 CMHC Mortgage Consumer Survey, approximately 30% of homebuyers received a partial or full gift for their down payment in 2023. If you are in a similar situation, you will need a mortgage gift letter from your donor stating that you will not need to repay the funds. Your lender will want to ensure you aren’t taking on additional debt. Getting all these documents in order will help make your closing day successful. Next, consider if some of your down payment will come from the Home Buyers’ Plan (HBP). This government program allows you to withdraw up to $60,000 from your registered retirement savings plans (RRSPs) to buy or build a qualifying home. Any money you withdraw must have been in your RRSP for at least 90 days. Additionally, the financial institution you bank with may cause delays. While online banking often provides great rates since there are fewer overhead expenses, there is one drawback — no branches. Factor in the time it may take you to get a bank draft for your down payment. Instead of talking directly to a teller, you may have to wait for the bank draft to arrive in the mail. Read next: Government of Canada programs to support homebuyers in 2024