Meagen Mackenzie, Okotoks Real Estate, Okotoks REALTOR®, Okotoks Homes For Sale

           Associate Broker/REALTOR®

Cell: 403-818-1609 |

Calgary & Okotoks Real Estate

Meagen Mackenzie REMAX IREALTY INNOVATIONS, Okotoks Real Estate, Okotoks REALTOR®, Homes for Sale in Okotoks

on my blog

Back to Blog

Mortgage Changes Coming, Meagen Mackenzie, Okotoks Real Estate, Homes for sale in Okotoks


As of yesterday, Feb 15, 2016 Canada's new mortgage rules went into effect. This means homebuyers must now put at least 10% down on the portion of a home that costs more than $500,000.

 

For instance, the old rules let homebuyers put down a minimum flat rate of 5% (upon approval). So for a home that costs $650,000 the down payment would've been $32,500.00

 

Under the new rules, the minimum down payment would be $40,000.00 (5% on the 1st $500,000 and 10% on the portion over $500,000 - in this case $150,000).


This means the homebuyer must put an additional $7,500 down when purchasing.


For more information, here's a full article by The Financial Post


Comments

comments powered by Disqus
Data supplied by CREB®’s MLS ® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.