Earlier this morning, Finance Minister Bill Morneau made the announcement that the minimum down payment for houses will increase effective Feb. 15, 2016. To see the full announcement, please watch the video by clicking here.
This will not affect current homeowners. But all new mortgages made after Feb. 15, 2016 will require a minimum down payment of 5% on the first $500,000, and an added 10% down payment on the amount over $500,000. So a home costing $700,000 would require a $45,000 down payment – 5% on the first $500,000 and 10% on the remaining $200,000.
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