NEW MORTGAGE RULES GO INTO EFFECT

Canadians looking to buy homes between $500,000 and $1-million will have to put down larger down payments as new federal rules took effect Monday.

Under the changes, home buyers must now put at least 10 per cent down on the portion of a home that costs more than $500,000.

Buyers can still put down five per cent on the first $500,000 of a home purchase. Homes that cost more than $1-million still require a 20 per cent down payment.

SOURCE: THE GLOBE AND MAIL 

Jackie Dall'Orso

Jackie Dall'Orso

Sales Representative
CENTURY 21 Miller Real Estate Ltd., Brokerage*
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