New Mortgage Requirements for February 15, 2016
Beginning February 15, 2016 CMHC is changing it's minimum down payment requirements for mortgages. While the requirement will remain at 5% down on the first $500,000, the portion of the mortgage that is over $500,000 will require 10% down.
Example:
Down payment requirement on $750,000 mortgage:
Currently = $750,000*5% = $37,500
Beginning February 15, 2016 = ($500,000*5%)+($250,000*10%) = $50,000
Under the new requirements an additional $12,500 is required for the minimum down payment.
For more information, follow the link below.