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Fact or Fiction?
- homelifegalaxyreal
- Jan 15, 2016
- 1 min read
Starting in February of this year, CMHC will require a 10 per cent down payment on the portion of any mortgage it insures over $500,000.
Fact
As of February 15, 2016, The Canadian Mortgage and Housing Corporation will require a 10 per cent down payment on the portion of any mortgage it insures over $500,000.
The fiver percent rule remains the same for the portion up to $500,000.
Once the new rules are implemented, someone looking to buy a $750,000 home would need to have a minimum down payment of $50,000, which is what you get when you add five per cent of $500,000 and 10 per cent of the remaining $250,000.
Reference: CBC News & Money Sense
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