Check your travel medical
New orca rescue attempt
Student's killer on parole
Joly urges de-escalation 
No bail in Ottawa killings 
Banks must say rebate
Iran fires at attack drones 
World's largest election 
2 detained in Volkov attack 
Apple pulls apps from China
Oil and gas leases restricted
Indigo needs turnaround 
Warriors ready for Round 2
Kalamalka Bowl cancelled
Rockets live to fight on
Hilton teams up with Sia
Swift still 'can't forgive' Kim
Grimes to ‘cap the disarray’
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]
This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.
