Earlier today the Finance Minister announced a big change to CMHC-backed mortgages over $500,000. Starting February 15th, 2016, purchasing an Ottawa properties over $500,000 will require a minimum downpayment of 10% instead of the current 5%. However, this only applies to the portion above $500,000.
This change will not affect
- those who are purchasing under $500,000.
- those who are renewing regardless of being over $500,000
This change was put into place to ensure security in riskier transactions, specifically in markets such as Toronto and Vancouver. The government claims that this should only impact about 1% of Canadians.
Looking for more information about buying or selling, or just want to talk about how these changes could affect you? Fill out the form below.