Canada's new down payment rule, Local lender and Cottage trivia....


BRIDGE PARK (Regina Bay, foreground), Sioux Narrows Bridge (Whitefish Bay, background)


Effective February 16, 2016, for properties between $500,000 and $1 million, buyers obtaining an insured mortgage will now require 5% down on the first $500,000, and 10% down on the second $500,000.

Copperfin Credit Union (Kenora) - Current Lending Policy
-35% down payment for water access vacant land.
-20% down payment for water access cottages providing the property is insurable, has running water, has electricity (can be a generator), has a heat source (if wood stove - WETT certified), has septic system or compost toilet 
-35% down payment for road access vacant land
-5% down payment for road access cottages providing it is a 4-season cottage, is insurable, has running water, has electricity (can be a generator), has a heat source (if wood stove - WETT certified), has septic system or compost toilet.  If the cottage is not 4-season, 20% down payment is required.
Contact Taylor Forsyth, Personal Finance Officer 1-807-467-4332

Cottage Trivia (Source Cottage Life calendar, used with permission)
March 1, 1989 - In Iceland, a 75-year long ban on beer was lifted  CHEERS!
March 4, 1899 - Britain's James Henry Atkinson patented a snap trap mousetrap, the "Little Nipper"
March 8, 1887 - Everett Horton of Connecticut received the patent for a telescoping fishing rod
March 13, 2016 - Daylight Savings Time begins in most of Canada; turn your clocks forward one hour
March 15, 2003 - A record 26,462-person ice-fishing competition on Lake Ponnenjarvi, Finland
March 17, 2016 - St. Patrick's Day
March 20, 2016 - Vernal Equinox - HELLO Spring!
March 25, 2016 - Good Friday
March 27, 2016 - Easter Sunday
March 29, 2016 - Baby martens are born in March & April
Wild Fact - The Thousand Islands has the largest stand of pitch pine.  It's one of the rarest trees in Canada

Greg Kirby

Greg Kirby

Broker
CENTURY 21 Reynard Real Estate Ltd., Brokerage*
Contact Me

Blog Archives

Tags