New down payment rules will go into effective February 15, 2016.

The minimum down payment for new insured mortgages will increase from 5% to 10% for the portion of the house price above $500,000, the finance ministry wrote. For example: A $750,000 home will now require $50,000 down — 5% for the first $500,000 and 10% down for the remaining $250,000. 

Properties up to $500,000 will continue to require a minumum of 5% down. Properties in excess of $1 million will still require 20% down.  The changes are meant to reduce taxpayer exposure while supporting long-term stability of the housing market, according to the ministry.

The ministry commented that they believe this will only impact 1% of home purchasers.

A links of note regarding todays press release: http://www.theglobeandmail.com/report-on-business/economy/housing/liberals-raise-minimum-down-payments-for-houses-above-500000/article27711582/

Please contact The Angela Calla Mortgage Team directly with any questions on how we can help you or those you care most about at 604-802-3983 or callateam@dominionlending.ca