Today, December 11, 2015, Finance Minister Bill Morneau 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.
For example:Let’s say someone is buying a home for $700,000. The minimum down payment would be:5% of the first $500,000 = $25,000 Plus, 10% of the remaining $200,000 = $20,000 Total minimum down payment would be $45,000
Here is the link to the Government's Official News Release: http://news.gc.ca/web/article-en.do?nid=1024399&tp=1&_ga=1.114461767.1561939570.1449867552
