{"id":110,"date":"2015-12-11T15:42:30","date_gmt":"2015-12-11T20:42:30","guid":{"rendered":"http:\/\/www.juliafreeman.ca\/blog\/?p=110"},"modified":"2015-12-11T15:42:30","modified_gmt":"2015-12-11T20:42:30","slug":"bill-morneau-tightens-mortgage-rules-on-properties-over-500000","status":"publish","type":"post","link":"https:\/\/www.juliafreeman.ca\/blog\/2015\/12\/bill-morneau-tightens-mortgage-rules-on-properties-over-500000\/","title":{"rendered":"Bill Morneau tightens mortgage rules on properties over $500,000"},"content":{"rendered":"\n\n\n
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The federal\u00a0government is boosting the minimum down payment for higher-priced homes in Canada effective in the new year.<\/p>\n

Homebuyers are currently\u00a0required to put down a minimum of five\u00a0per cent to qualify for Canada Mortgage and Housing Corporation insurance \u2014\u00a0protection that lenders insist on when providing a mortgage worth more than 80 per cent of the home’s value.<\/p>\n

Starting in February,\u00a0CMHC\u00a0will require a 10 per cent down payment on the portion of any mortgage it insures\u00a0over $500,000. The five\u00a0per cent rule\u00a0remains the same for the portion up to\u00a0$500,000.\u00a0+ Read More<\/a><\/p>\n

Summary:
\nProperties under $500,000 – no change, require 5% down payment and mortgage insurance
\nProperties $500,000-999,000 – now require 10% down payment instead of 5%, and mortgage insurance
\nProperties over $1,000,000 – no change, require 20% down payment and no mortgage insurance
\nProperties over $1,250,00 – no change, require 50-60% down payment depending on the lender<\/p>\n

* It is predicted that these changes will affect 4% of home sales
\n* New regulations kick in February 15, 2016
\n* Watch the news videos by clicking\u00a0here<\/a>\u00a0and\u00a0here<\/a><\/p>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The federal\u00a0government is boosting the minimum down payment for higher-priced homes in Canada effective in the new year. Homebuyers are currently\u00a0required to put down a minimum of five\u00a0per cent to … [read more<\/a>]<\/p>\n","protected":false},"author":2,"featured_media":111,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"_links":{"self":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts\/110"}],"collection":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/comments?post=110"}],"version-history":[{"count":1,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts\/110\/revisions"}],"predecessor-version":[{"id":112,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts\/110\/revisions\/112"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/media\/111"}],"wp:attachment":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/media?parent=110"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/categories?post=110"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/tags?post=110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}