In February 2016 new mortgage rules came into effect the changed the minimum down payments required for mortages based on home values.
The new rules require a minimum of 5% down for the first $500,000 and 10% down on the portion above $500,000 to a maximum of $1,000,000.
Here’s a handy-dandy cheat sheet for calculating down payments under the new CMHC rule:
Click here to download the cheatsheet PDF: EC_-_MinPaymentCalculator.pdf
Any questions? Please give me a call!
Eileen Craig, Independent Mortgage Professional
DLC and Sea to Sky Mortgages
7003 Nesters Road, Whistler, BC, V0N 1B7
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â€‹Apply online: eileencraig.ca/how-to-apply-mortgageâ€‹