CENTURY 21 First Canadian Corp., Brokerage*
- 420 York Street
London, ON N6B 1R1
London and St. Thomas Septmber Sales.
Changes to the Mortage down payment 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."
AVERAGE AFFORDABILITY IN CANADA*
Buying a home - especially for the first time - can be overwhelming. Here's a look at housing affordability in Canada for the second quarter of 2015.
Find out what type of home you can afford based on how much you earn.
STANDARD 2-STOREY Average Price: $466,100 Qualifying Income: $93,600
STANDARD CONDO Average Price: $254,800 Qualifying Income: $52,500
DETACHED BUNGALOW Average Price: $422,100 Qualifying Income: $83,800
5 year fixed 2.49%
5 year variable 2.3%
Prime Rate 2.7%
over 25 years, helping clients with their Real Estate needs,
is shown by the trust placed in us for the service we provide.
We introduce people and families to the right lifestyle,
in the proper community,
at the appropriate price point.
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