Changes to the "Mortage Down Payments" rules.

December 11, 2015 – Ottawa, Ontario – Department of Finance

Finance Minister Bill Morneau today announced changes to the rules for government-backed mortgage insurance to contain risks in the housing market, reduce taxpayer exposure and support long-term stability. 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.

"5% down on the first $500,000.00.  10% down on the balance over $500,000.00."

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