2016 New Year's Resolutions from Finance Minister Bill Morneau
If you're looking to purchase a home over $500,000 after February 15, 2016, you may want to start socking away more for your down payment.
In an effort to stabilize the Canadian housing market, Finance Minister Bill Morneau will be doubling the down payment required on homes priced from $500,000 to $999,999. Normally, a home or condo priced under $500,000 requires a minimum 5% down payment. With the new regulations, any portion above $500,000 will now require a minimum 10% down payment. Currently homes over $1 million already have a 20% minimum down payment requirement, which will remain as is.
To put this in perspective, if you buy a Calgary home or condo priced at $750,000, you will…