Today, Finance Minister Bill Morneau made the announcement in Ottawa that they will be increasing the minimum downpayment required to buy a home for more than $500,000. The new regulations will increase the minimum down payment from five to 10 per cent on the portion of the home’s price that’s greater than $500,000.
“We are looking at ways to ensure our market is stable and we want to make sure people are making the appropriate decision as they buy a new home,” Morneau said during his news conference of Friday, December 11th, 2015.
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New Downpayment Rules for Homes over $500,000