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December  15, 2015

CMHC will be increasing down payments on properties with new mortgages over $500,000 as of February 15th, 2016, an overdue move on their part

The amount over $500,000 and up to $1,000,000 will require an additional 5%, just an extra $10,000 on a $700,000 purchase with minimum down and the ability to qualify for the mortgage.

It really should not make a big difference to the market, but the last time CMHC put through a minor change like this, the market went crazy for a couple of months followed by a long slump, all due to a lot of hype in the media over next to nothing. Hopefully that does not happen this time.