Monday, December 14, 2015

Government of Canada Announcement changes to downpayment rules effective February 15, 2016

Greetings from Fabulous Mississauga!

The Government of Canada Announced a change to the downpayment rules effective February 15, 2016

The minimum down payment will remain 5% for any real estate purchase up to $500,000.  Once you are over $500,000, the downpayment must be 10%, but only on the amount exceeding $500,000. 

For example:  If you are purchasing a home for $800,000, you'll need 5% for the first $500,000 and 10% on the remaining $300,000 making the minimum down payment on this purchase $55,000. 

You will still be able to purchase a home up to $1,000,000 with 5% down until February 15th.  Purchases over $1,000,000 still require 20% down.

I hope this finds you Happy and Healthy!
All the Best!
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987

BUS 905-828-3434
FAX 905-828-2829  CELL 416-520-1577