Canada’s New Mortgage Rules Take Effect Today
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.