Finding the perfect home doesn't happen in one day. It takes careful planning and lots of work. Fortunately, there are a number of things you can do to simplify the process.Increase to Minimum Down Payments - Canada wide increase from 5% to 10% minimum on houses over $500,000
Posted by Steve Harmer on
Todays news from the Canadian Real Estate Association
Today, the government announced its intent to raise the minimum down payment requirements on homes valued over $500,000. Requirements will remain at 5 per cent down payment for homes under 500,000. Any amount over $500,000 will require a 10 per cent down payment. For example a $700,000 home will require a $45,000 down payment, 5 per cent on $500,000 and 10 per cent down on the remaining $200,000. The announced changes will take effect on February 15, 2016.
The government cites its desire to “contain risks in the housing market” as the reason for its decision.
As you know, the issue of an increase to minimum down payments is something CREA has effectively and successfully fought against since…
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Hot markets and cold feet might keep some people out of the housing market, but a lack of upfront cash doesn't have to be an obstacle. While it's long been the convention in the industry to start with a 20% down payment, the availability of mortgage default insurance means ownership is still possible with as little as 5% down, as long as the buyer meets industry standards of income and creditworthiness.
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