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