Yikes. Is 5% down mortgage a thing of the past?
The federal government is boosting the minimum down payment for higher-priced homes in Canada effective in the new year. The bad news isn't as bad as we anticipated..... yet. Starting in February 2016, CMHC will require a 10 per cent down payment on the portion of any mortgage it insures over $500,000. The five per cent rule remains the same for [...]