How much do I need for downpayment in 2016?

January 1, 2016 | By | Add a Comment

New downpayment rules effective February 2016New downpayment rules coming February 2016

If you’re buying a Canadian home in 2016, you may need a bigger downpayment. As of February 2016, the rules are changing, depending on the purchase price. If your house price is under $500,000, you’re in luck – the minimum downpayment stays the same at 5%. If your home is over that amount, you’ll be required to have more. Here’s how it works: any portion of a house price over $500,000 will require Click here to read more…

Check out this handy chart to see the change in requirements.

Looking to catch up on previous mortgage newsletter issues?

For the full set of previous issues of Your Home and Mortgage, check out my blog here.

And let me know what questions you’d like to see addressed in the upcoming issues!

 

Filed in: Canadian Mortgage News, First Time Homebuyer, Mortgage Planning, Purchase | Tags: , ,

About the Author (Author Profile)

I'm a Toronto Mortgage Broker. My focus is on saving people time and money in financing and re-financing their homes. Am passionate about helping people make informed choices, giving back, and helping to improve financial literacy in Canada.

Leave a Reply

Trackback URL | RSS Feed for This Entry