Minimum Down Payments are Rising this Month!

On February 15th, the new minimum down payment comes into effect for homes $500,000 or more, making it 10 per cent down instead of 5 per cent. With this increase just a couple weeks away, right now is the time get those mortgage pre-approvals in! If you’re thinking of buying a home this year, you can’t afford to wait on that mortgage application, so the next couple of weeks will likely see a boost in real estate activity. In case you’ve forgotten about this move, which was announced by the Finance Minister back in December of last year, here’s a quick recap of what it…