What does Snoop Dogg have to do with Canada's new mortgage rules, taking effect today? Nothing, other than the fact he was snapped during last week's NBA All-Star Game festivities with Finance Minister Bill Morneau, who introduced the changes to minimum down-payment requirements for government-insured mortgages. Buyers must put down 10% on the portion of a home over $500k (versus 5% on the first $500k of a purchase). Homes costing over $1M require 20% down. The changes are aimed at taking sizzle out of the nation's hottest markets, Toronto and Vancouver, and protect buyers, ensuring they've got sufficient equity in their homes.
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