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.

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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.

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