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

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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


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