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New Mortgage Rules in Canada
Home buyers in Canada now face bigger down payment requirements for real estate above $500,000. The changes are intended to slow some of Canada’s heated realty markets.
 
Here are 5 things to know about the new real estate financing rules:
 
Put up more cash: Home buyers now have to put at least a downpayment of 10 per cent on the portion of the purchase price of a house over $500,000. For anyone buying a house for $700,000 — a common average list price in the cities of Vancouver and Toronto — that means the minimum down payment will increase to $45,000 from $35,000. Any home under $500,000 still requires only a down payment of five per cent. Homes that are priced for more than $1 million still require a 20 per cent downpayment for mortgage financing.
 
Who is affected: Primarily those buying a home in the cities of Toronto and Vancouver. First-time buyers in those cities will be affected since they will be required to put down larger downpayments to get into the real estate market. Those who are selling their houses in order to move up, especially in the few cities with hot real estate markets, likely won’t feel the same pain since ... more

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