DOWN PAYMENT RULE CHANGES
What you need to know.
Happy New Year!
If you are in the market for a new property in 2016 we would like to take this opportunity to remind you that on December 11, 2015 Finance Minister Bill Morneau announced changes to down payment rules.
Starting in February, CMHC will require a 10 per cent down payment on the portion of any mortgage it insures over $500,000. The five per cent rule remains the same for the portion up to $500,000.
The following chart details the new requirements. Please do not hesitate to contact the office should you have any questions.