Video: Canada’s New Mortgage Rules

  • REALTOR® Doug Gibson talks about the new Canadian mortgage rules and what he thinks of them. Stay tuned for our next video where Doug talks about why these rules are so important.

    Canada’s New Mortgage Rules

    The federal government of Canada instated 3 new mortgage rules towards the end of 2016:

    1. Any mortgage over $500,000 will be subject to a minimum downpayment of 10% (up from 5%)
    2. A non-discounted rate of 4.5 will be applied to individuals qualifying for a mortgage with less than 20% down (compared to the discounted rate of 2.5)
    3. Banks will only lend up to $1 million to individuals with less than 20% down

    These rules ensure that the banks have some skin in the game for insured mortgages.

    Thinking of buying a home in Vancouver and want to discuss your options? Contact us today.

Call Now