New mortgage rules begin
February 16, 2016 9:45 pm
New federal rules for Canadian mortgages have now gone into effect.
The changes affect properties that cost more than $500,000 — a small percentage of the overall market.
Buyers can still have a five per cent down payment on the first $500,000 of a home purchase but must now put at least 10 per cent down on the portion above $500,000.
Finance Minister Bill Morneau has said the new measure — effective Monday — aims to ensure buyers have sufficient equity in their homes.
Categorized in: Castanet Business