Interest Rates Hold Steady

The Bank of Canada announced on January 20, 2016 that it is maintaining its target for the overnight rate at 1/2 per cent. The next scheduled date for announcing the overnight rate target is March 9, 2016.

Source: Bank of Canada


Changes to Downpayment Rules

Effective February 15, 2016, the minimum down payment for new insured mortgages has increased from 5 per cent to 10 per cent for the portion of the house price above $500,000. The 5 per cent minimum down payment for properties up to $500,000 remains unchanged. Canadians who already hold mortgages will not be affected by this announcement.

Source: Department of Finance Canada