December 2015

Finance Minister boosts down payment rules for mortgages

Posted on Dec 11, 2015

Homebuyers are currently required to put down a minimum of five per cent to qualify for Canada Mortgage and Housing Corporation insurance --- protection that lenders insist on when providing a mortgage worth more than 80 per cent of the home's value.Starting in February, CMHC will require a 10 percent down payment on the portion of any mortgage it...

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