Pamela Vasiliu
Sales Representative

RE/MAX Professionals Inc.
Independently owned and operated.

Date: Monday May the 28th, 2018 



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.

Tagged with: junction triangle realestate buying selling downpayment rules cmhc highpark roncessvalles village neighborhood news
| | Share

Powered by Lone Wolf Real Estate Technologies (CMS6)