Breaking News - Mortgage Down Payment Change
 

Breaking News - Finance Minister Bill Morneau announced the plans to increase down payment effective Feb 2016.

http://bit.ly/1OW633a

Just a little clarity on the change. The down payment change is:

5% up to $500,000 purchase
10% of the amount over $500,000 up to $1M

Example: $750,000 purchase will require a down payment of $25,000 on the $500k and $25,000 on the balance of $250k.

Reminder - New Down Payment Rules Effect Feb 15, 2016

Click to find out more about Will Higher Down Payments Affect Your Home Purchase?

We are getting lots of questions about the down payment rule change. Many people are thinking that they now need 10% for any purchases over $500,000.

The minimum down payment is 5% of the $500,000 and 10% of the balance over $500,000.

To view a table on down payment and read more, please see our article Will Higher Down Payments Affect Your Home Purchase?