New Liberal Government Changes Down Payment Rules
Starting in February 2016, the rules on down payment will change. While the overall changes likely won’t impact much of the population, they should help to cool the exploding housing markets in cities like Vancouver and Toronto. Minimum down payment will increase from 5% to 10% on all purchases over $500K; however, the increased amount will only be calculated on the portion of the purchase price over and above the $500K mark.
To read the full Globe and Mail article, you can find it here: http://www.theglobeandmail.com/report-on-business/economy/housing/liberals-raise-minimum-down-payments-for-houses-above-500000/article27711582/.
If you have any questions or concerns about these new rules or how they might impact you as a buyer, then please contact us at 250-382-6636 or at [email protected], and our condo experts would be happy to discuss the changes with you.
– Kaley Walls