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.
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!
Mark
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
mark@mississauga4sale.com
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
mark@mississauga4sale.com
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