Pamela Vasiliu
Sales Representative
pvasiliu@remax.net

RE/MAX Professionals Inc.
Brokerage
Independently owned and operated.

Date: Wednesday October the 18th, 2017 
416-236-1241

 

   

New Downpayment Rules

February 10, 2016 - Updated: February 10, 2016

New downpayment rules to take effect on February 15th. 

In a bid to cool overheated portions of the housing market, Canada Mortgage & Housing Corp. (CMHC) is implementing increased down payment requirements for government-insured mortgages effective February 15th.

 

The change will likely affect higher-priced poperties in excess of $500,000.00.

 

Here's how it will work: the first $500,000.00 of purchase price will require the current 5% minimum down payment;and the portion above $500,000 will now require a 10% down payment. So for example, a $700,00.00 home will require a minimum $45,000.00 down papyment in order to qulaify as a goverment-insured mortgage (or 6.4% of the purchase  price). 

Contact me today to find out how these new rules will impact your future Real Estate transactions.


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