Starting Dec 15, Canada adjusts mortgage rules, reducing down payments for homes over $1M.
Starting December 15, Canada will implement new mortgage rules reducing down payments for homes over $1 million. Buyers will need a minimum of 5% on the first $500,000 and 10% on the amount between $500,000 and $1.5 million. For a $1 million home, the down payment drops from $200,000 to $75,000. This change aims to assist buyers in high-priced urban areas, although experts suggest that primarily high-income Canadians will benefit.
September 25, 2024
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