Welcome to my Blog!
Thursday Mar 02nd, 2017
Stay tuned for my latest ideas, news and tips on real estate!
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.
Post a comment