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Prepare for a 10% minimum down payment
– moneysense.ca
The federal Department of Finance is seriously considering weighing in on Canada’s housing market by raising the minimum down payment on a home purchase from 5% to up to 10%. The announcement could come as early as January 2016.
According to RateSpy.com founder and independent mortgage broker Robert McLister, government policy-makers are considering a graduated minimum down payment threshold based on either the home value or the mortgage amount. Homes/mortgages under $500,000 would only require a 5% down payment, while those between $500,000 and $700,000 would require 7% down and anything over $700,000 would require 10% down.
Apparently, the rationale for this new graduated scale is two-fold:
→ Tougher lending requirements should help cool the housing market, particularly in red-hot Toronto and Vancouver.
→ It would also help minimize the exposure taxpayers have to insured mortgage default losses.
Currently, if a person buys a home with less than 20% down the lender is legally required to take out mortgage default loan insurance…
According to RateSpy.com founder and independent mortgage broker Robert McLister, government policy-makers are considering a graduated minimum down payment threshold based on either the home value or the mortgage amount. Homes/mortgages under $500,000 would only require a 5% down payment, while those between $500,000 and $700,000 would require 7% down and anything over $700,000 would require 10% down.
Apparently, the rationale for this new graduated scale is two-fold:
→ Tougher lending requirements should help cool the housing market, particularly in red-hot Toronto and Vancouver.
→ It would also help minimize the exposure taxpayers have to insured mortgage default losses.
Currently, if a person buys a home with less than 20% down the lender is legally required to take out mortgage default loan insurance…
