Ottawa Tightens Mortgage Qualifying Rules

Finance Minister Morneau announced today a revision to Insured Mortgages.

I have outlined the changes below and added a link to a CBC article and videos.


Increased Down Payment for purchases over $500,000 and less than $1,000,000.

Buyers can still put 5% Down on the first $500,000 of the purchase price, however the amount of the purchase price in excess of $500,000 is now subject to a minimum of 10% Down Payment.


For Example:

$750,000 Purchase Price

Total Down Payment Minimum is 5% on first $500,000 and then 10% down on next $250,000

Total $50,000 Down (NEW) versus $37,500 (CURRENT)


Effective Date of change is February 15, 2016.


The above changes will likely make for a busy first six weeks of 2016, as Vancouver real estate buyers wth pre-approved mortgages buy before the deadline of Feb 15th


Dec 11/15


No comments

Post Your Comment:

* indicates required fields.
Your Name: *
Please note, your email will not be shown publicly
Your Email (will not be published): *
Comment: *
Please type the text as it appears above:
Posts By Date
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.