CMHC is set to increase Minimum Down Payment >$500K

By the end of January, the Department of Finance may recommend raising the minimum down payment to 10%. That’s what I’m hearing from a high-level lender source connected with the DoF, who declined to be identified.

Policy-makers are reportedly considering a graduated scale based on either the home value or mortgage amount—something like this:

$0 to $500,000 requires at least 5% down
$501,000 to $700,000 requires at least 7% down
Over $700,000 requires 10% down