New Rules for Canadian Mortgages Now in Effect

 

Shawn Mooney - Bayfield Mortgage Professionals Ltd.

Yesterday the new rules implemented by the federal government came in to affect.  These new rules affect the amount needed for a down payment for the purchase of a new house over $500,000.  

 

Houses priced at $500,000 or less will not be affected and you can still purchase them with 5% down.  Now, anything over and above $500,000 you will have to pay 10%.  

 

So if you were to buy a house for $600,000 for example the down payment would be 5% of the first $500,000 which would amount to $25,000 plus 10% of the additiional $100,000 which would add another $10,000 for a total down payment of $35,000.  Previously you would have possible gotten away away with as little as $30,000 down.  

 

Please go to my website for a calculator if you wish to easliy calculate your down payment required.  http://www.shawnmooney.com/#!down-payment/vevqo 

 

If you would like to see what you qualify for please go here, http://www.shawnmooney.com/#!how-much-can-i-afford/au66d