Do new rules affect you?

New downpayment rules

If buying a home is on your list of to dos for 2016, then you may be affected by the new downpayment requirement rules announced by Finance Minister Bill Morneau.

As of February 2016, you will need a 10% downpayment for any portion of the home purchase price over $500,000.  The portion of the home purchase price up to $500,000 will continue to require 5%.

Homes under $500,000 will also continue to require a minimum of 5% down payment.

For example:

The government says that it is continuously monitoring the housing market, and is committed to implementing policy measures that maintain a healthy, competitive and stable housing market. It is felt that higher homeowner equity will play a role in this.

If you want to know exactly what this change will mean to your home purchase plans in 2016, talk to me.

I'm you mortgage expert, and can help you with your home ownership goals. You can call me at 250.862.1806 or email me at [email protected]

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About the Author

Laurie Baird and Tracy Head are mortgage brokers with Verico Complete Mortgage Services. Together they have over 45 years of experience in the mortgage industry.

As mortgage brokers, Laurie and Tracy spend time getting to know the people they work with and help them understand the mortgage process. They support their clients before, during, and after a home purchase.

Laurie and Tracy are able to offer their clients advice and options. With access to over 40 different lenders, Laurie and Tracy are able to match the needs of their clients with the right mortgage package. They work closely with their clients to find the right fit, and are around to provide support for years down the road!

Contact them at 250-862-1806 or visit:

Visit Laurie's blog at: https://www.okanaganmortgages.com/blog

The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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