Shawn Stillman quoted in The Financial Post: “How to buy a house with a credit card”

https://financialpost.com/real-estate/mortgages/how-buy-house-credit-card

With home prices still below their 2022 peak in many parts of Canada, some prospective buyers are looking for creative ways to get into the market — including using borrowed funds for their down payment. While credit cards, personal loans and unsecured lines of credit can be used in certain circumstances, borrowers must meet strict credit and debt-service requirements to qualify.

As Mortgage Outlet co-founder Shawn Stillman explains, these borrowers are often people whose “down payment hasn’t caught up to the income they’re making.” However, he cautions that anyone using a credit card for their down payment needs to be prepared to pay it down quickly. “If you do it, you have to pay down your card right away,” Stillman says, noting that buyers also need to consider the other costs of homeownership and the potential impact of high credit utilization on their credit score.