New mortgage rules begin

February 16, 2016 9:45 pm

castanet

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.

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