Increase to the Minimum Down Payment

Breaking News!! It’s official… Canada’s Finance Minister announced changes to the minimum down payment requirements effective Feb 15, 2016. That’s right…we can expect a busier than usual Jan/Feb market. The required down payment on homes worth at least $500,000 will rise to 10 per cent from 5 per cent starting Feb. 15, 2016 — however the higher threshold will only apply to the portion in excess of that mark. That means the minimum down payment for a home worth up to $1 million would be 7.5 per cent. The move is aimed at cooling overheated housing markets in Toronto and Vancouver but that could risk…