What are the new rules for minimum down payment on a home purchase?
The Canadian federal government announced an increase in the minimum down payment required to buy a home for more than $500,000. The new regulations will come into effect on Feb. 15, 2016.
How it works:
The new regulations will increase the minimum down payment from 5% to 10% on the portion of the home's price that's greater than $500,000.00
This helpful video breaks it down for you with easy to understand calculations.
If you have any questions or concerns regarding these new regulations - contact us - your trusted Real Estate professional.