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Blog by Thomas Krause

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New Down Payment Requirements are going into effect February 15, 2016

Finance Minister Bill Morneau announced today that to "address emerging vulnerabilities in certain housing markets, while not overburdening other regions" the down payment requirement will be modified on purchases that exceed $500,000. 

Beginning in February, insurers will require a 10% down payment on the portion of any mortgage over $500,000. The five per cent rule remains the same for the portion under $500,000. This means that someone looking to buy a $750,000 home would need to have a total minimum downpayment of $50,000 (which is five per cent of $500,000 plus 10 per cent of the remaining $250,000).