Can my down payment be gifted?
Quick Answer
Short answer: Yes—immediate family can gift funds; lenders need a signed gift letter and proof of deposit.
Detailed Explanation
Most Canadian lenders accept gifts from parents, siblings, or grandparents. The money must be non-repayable and usually land in your account at least 15 business days before closing. Large last-minute transfers raise AML flags.
Some lenders let the gift go directly to the lawyer's trust account; confirm early.
- Keep a PDF of the transfer receipt
- No interest or repayment terms allowed
- Gifts from friends need a six-month seasoning period
Disclaimer: This page is for general information only and does not constitute legal, financial, or real estate advice. Always verify details with a licensed Alberta REALTOR®, mortgage professional, or lawyer before making decisions. Buy in Edmonton assumes no liability for actions taken based on this content.
Tim Grover, RE/MAX Excellence • 780-288-5144 • 5607 199 Street NW, Edmonton, AB
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