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
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *