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
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