A Higher Down payment if you purchase a property for more then $500.000

According to an article published by the Financial Post, Canadians looking to buy homes between $500,000 and $1 million will have to put down larger down payments as new federal rules took effect Monday, February 16, 2016. 

Under the changes, homebuyers must now put at least 10 per cent down on the portion of a home that costs more than $500,000. Buyers can still put down five per cent on the first $500,000 of a home purchase. Homes that cost more than $1 million still require a 20 per cent down payment.

This change … is the first attempt to recognize the fact that some parts of the country are in need of a mild tap on the break, while other parts of the country really need to continue to receive stimulus.

To read the entire article, please use this link: http://business.financialpost.com/personal-finance/mortgages-real-estate/new-mortgage-rules-for-homes-over-500000-go-into-effect-as-liberals-aim-to-limit-housing-risks