New Mortgage Down Payment Requirements

New Mortgage Down Payment Requirements:

We wanted to provide you with some additional information about the recently announced down payment changes. As a reminder, on December 11th, 2015, the Government of Canada announced the minimum down payment requirement will be increased from 5% to 10% on the portion of a purchase price for a property that is above $500K but less than $1,000,000.


Please refer to the following chart to determine the down payment requirements:

Date of purchase & sale agreement:
Applications relating to purchase and sale agreements dated before December 11, 2015
Closing Date / Down Payment:
On or before July 1, 2016 - 5% down


Date of purchase & sale agreement:
Applications received by CMHC from December 11, 2015 to February 14, 2016
Closing Date / Down Payment:
After July 1, 2016 - 5% down on the first 500,000 and 10% on any amounts above

Date of purchase & sale agreement:
Applications received by CMHC February 15, 2016 or later
Closing Date / Down Payment:
Any - 5% down on the first 500,000 and 10% on any amounts above

If you have any questions, do not hesitate to contact me.