In mid-December, the government of Canada announced that it was increasing the required down payment amount for some home purchases beginning in February 2016
Homes priced above $500,000 will now require a down payment of 10 per cent instead of the previous 5 per cent. Homes priced below this amount still only need a 5 per cent down payment.
“The Government’s role in housing is to set and maintain a framework that is equitable, stable and sustainable,” said Bill Morneau, Minister of Finance. “The actions taken today prudently address emerging vulnerabilities in certain housing markets, while not overburdening other regions. They also rebalance government support for the housing sector to promote long-term stability and balanced economic growth.”
For more information, see the Government of Canada’s press release here.