Higher Down Payments for Home Buyers Tomorrow!

Abbotsford, Chilliwack and Mission: A stolen gift from the Federal Grinch or a measured stance against an over heated real estate market?

According to Richard Madan from CTV news, Abbotsford, Chilliwack and Mission mortgages will see the Federal Government change their minimum down payment in 2016.

Tomorrow on Friday December 11th 2015  they are announcing that minimum down payments are being increased depending on the house purchase price. This will ultimately require buyers to save up more money to buy a home.

The new regulation will be require buyers to put 10% down payment on any amount of purchase price beyond $500,000.00. See the comparison chart below.

The regulation are expected to take effect in 2016.

Buyer shopping for homes below $500,000.00 will not be affected.

Our finance minister Bill Morneau will announce tomorrow morning. These measures are taken to cool the heated Real Estate market locally and in Ontario.

Purchase Price Current Down Payment Addition Down Payment New Down Payment
$400,000.00 $20,000.00 $0.00 $20,000.00
$500,000.00 $25,000.00 $0.00 $25,000.00
$600,000.00 $30,000.00 $5,000.00 $35,000.00
$700,000.00 $35,000.00 $10,000.00 $45,000.00
$800,000.00 $40,000.00 $15,000.00 $55,000.00
$900,000.00 $45,000.00 $20,000.00 $65,000.00

SOURCE:http://www.ctvnews.ca/mobile/business/feds-to-tighten-mortgage-rules-for-homes-over-500k-1.2695989

Abbotsford, Chilliwack, Mission New Down Payment Rules

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