289-755-0146 amy@amycoburn.com
Effective February 15, 2016 new rules went into place governing the minimum down payment required on the purchase of a house in Canada.
Here are the new guidelines for down payments:

  • Purchases under $500,000 won’t be effected. The minimum down payment required is still 5%.
  • Purchases over $500,000 will have their first $500,000 require 5% down, plus the remainder over $500,000 at 10% rate. The sum of that is the minimum down payment.
  • Purchases over $1,000,000 won’t be effected by this recent change. These purchases will require 20% down minimum.

Here are some examples of different purchase prices and their respective required down payments.

If you have any questions about down payments or would like to discuss the financing process contact us and we would be pleased to set up an appointment.