New Down Payment Rules

David Stoddard Buyer Planning Sessions



As announced this morning by the Federal Finance Minister, the Federal Government is raising the minimum down payment for new insured mortgages to 10 per cent from 5 per cent for the portion of house prices above $500,000-$999,999.

The new rule will take effect on Feb. 15, 2016.

Down payment rules for mortgages for properties below $500,000 will be unchanged.

For example, a Buyer looking to purchase a $600,000 property:

  • $25,000 for the $500,000 (5%)
  • $10,000 for the extra $100,000 (10%)
  • Total Minimum Down Payment = $35,000

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