Minimum Down Payment Increases Starting Feb. 2016

Finance Minister Bill Morneau made the announcement earlier this morning that the minimum down payment for purchase will increase effective Feb. 15, 2016.

The new policy only affects houses that are more than $500,000.

The new required down payment is 5% on the first $500,000, 10% on the reminder.

For example, for a house at $800K, the minimum down payment is $55,000:

5% * $500K = $25K

10% * $300K = $30K

$25K + $30K = $55K