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Major Breaking News! Down payment increasing from 5% to 10%
Today, the Finance Mister, Bill Morneau announced a change to down payment requirements! It will be effective February 16, 2016.
The minimum down payment for insured mortgages will increase from 5% to 10% for the portion of the house that is over $500,000.
The five percent down payment for homes under $500,000 remains at 5%.
If you are considering buying this spring, earlier than later may be suggested. Unfortunately the Mortgage Broker industry was not formally consulted on this matter according to the Mortgage Professional Association. It likely will have an impact on home buyers, as they will need to accumlate more down payment, coupled with rising home prices, making it more difficult to purchase a home over $500,000.
Contact us today to discuss your options. www.ZANDERSmortgages.com
Attached is the government's official news release.http://www.fin.gc.ca/n15/15-088-eng.asp
