The new down payment rules that everyone should know - coming into effect February 2016!
The Finance Minister has announced New Mortgage Rules for Home Purchases over $500,000.
Lenders will require a 10% DP, but "only for the amount above the $500,000 level."
Thus a $700,000 purchase would require $500,00 X 5%, plus $200,000 X 10% = $45,000.
The new rules will take place Feb, 15, 2016. A much "softer" approach than what some thought could occur.
Check out the video below to see how this might affect you: