Effective February 15, 2016, the minimum down payment for new insured mortgages will increase from 5 per cent to 10 per cent for the portion of the house price above $500,000. The 5 per cent minimum down payment for properties up to $500,000 remains unchanged.

Here’s an example of what that means:

Client purchases for $600,000.

Amount over $500,000 = $600,000 - $500,000 = $100,000

Minimum Downpayment =

$500,000 * 5%    = $25,000

$100,000 * 10%  = $10,000

Total minimum downpayment = $35,000