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PostPosted: Mon Dec 14, 2015 10:27 am 
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Joined: Wed Jul 21, 2010 6:14 am
Posts: 62
Location: Milton, Canada
Hi Milton

On Friday December 11, the Department of Finance (DOF) announced changes to the Government Insured Mortgages. Effective February 15, 2016, the minimum down payment for new insured mortgages will increase from 5% to 10% for the portion of the house price that is above $500,000. Properties less than $500,000 remains unchanged at 5% down.

Important Dates:
Although the change only comes into effect on February 15, 2016, the new down payment requirements apply to applications received between December 11, 2015 and February 14, 2016 where the closing date is on or after July 1, 2016.

Here is a link to the DOF Questions and Answers Web Page:
http://www.fin.gc.ca/afc/faq/hdpmeh-mfperpc-eng.asp

Have a great week

_________________
Warwick Johnston
Milton Mortgage Specialist at RBC
647-274-6029


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