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Important News for Mortgage Shoppers
The Federal government announced on Friday that the minimum down payment for homes priced over $500,000 will increase. Currently, the minimum down payment for a home is 5% of the purchase price. Effective February 15, 2016, the down payment will increase to 10% on the portion of the purchase price between $500,000 and $1 million. For example, a home cos ...
Changes to downpayment requirements coming February 2016
Today Finance Minister Bill Morneau announced changes to down payment requirements. Effective February 15, 2016, the minimum down payment for new insured mortgages will increase from five per cent to 10 per cent for the portion of the house price above $500,000. The five per cent minimum down payment for properties up to $500,000 rema ...
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