TORONTO -- Canadians looking to buy homes between $500,000 and $1 million will have to put down larger down payments as new federal rules take effect Monday, October 16, 2016.
Under the changes, homebuyers must now put at least 10% down on the portion of a home that costs more than $500,000. Buyers can still put down 5% on the first $500,000 of a home purchase. Homes that cost more than $1 million still require a 20% down payment. Phil Soper, president and CEO of Royal LePage, says the new rules aim to ... [more]
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