Minimum Downpayment Changes Effective February 15 & Handy Dandy Downpayment Calculator

Department of Finance

Just a friendly reminder downpayment changes are coming. 

February 15, 2016 is a date to keep in mind if you are planning on purchasing a property between the value of $500,000 to $1,000,000. 

The government has implemented a tiered downpayment system in hopes to "maintain a healthy, competitive and stable housing market. 

The minimum down payment for new default insured mortgages will increase from 5% to 10% for the portion of the purchase price of the property that is greater than $500,000 but less than $1,000,000 (tiered scale).

Example: A property with a purchase price of $675,000 will now require a total down payment of $42,500.

o    5% of the first $500,000 = $25,000

o    10% of the remaining $175,000 = $17,500

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Mortgage Downpayment Calculator Here: New Downpayment Calculator