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Changes Announced Today On Down Payments

General Angela Calla 11 Dec

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:

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