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CMHC Increases Downpayment Requirements > $500,000
Department of Finance_08984432644
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
Article Attached!
Properties under 600k!!!
Under 600k in FV
Under 600k in GVRD
With the housing market going up there are still properties under 600k. Freehold & not a house boat! Depending on where you want to live it is achievable. Take a look at the links & feel free to ask questions.
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