Legislative Update

On December 11, 2015, Finance Minister Bill Morneau announced changes to the rules for government-backed mortgage insurance. Effective February 15, 2016, the minimum down payment for new insured mortgages will increase from 5% to 10% for the portion of a house price above $500,000. The 5% minimum down payment for properties up to $500,000 remains unchanged as does the minimum 20% down payment requirement for properties $1 million and over.