How much do I need for my down payment?

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

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