January 27, 2016
Barbara Wilkolaski

Higher down payment requirement

New down payment rules will take effect on February 15, 2016. For properties between $500,000 and $1 million, homebuyers getting an insured mortgage will now need to put 10% down. Anything under $500,000 will still only require a 5% down payment. Those changes are intended to bring stability to Canada’s real estate markets, however new