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Five things to know about new mortgage rules that came into effect Monday
Homebuyers now have to put at least a down payment of 10 per cent on the portion of the price of a home over $500,000. For anyone buying a home for $700,000 — a common list price in Vancouver and Toronto — that means the minimum down payment will rise to $45,000 from $35,000. Any home under $500,000 still requires only a down payment of five per cent.
Toronto, Vancouver Home Prices To Turn Negative As Mortgage Rates Creep Up: TD Bank
“The lofty activity last year has likely left these two markets more vulnerable to even a gradual increase in interest rates and regulatory rule changes,” economist Diana Petramala wrote.
Home sales up eight per cent last month; average price soars 17 per cent: CREA
CREA says the national average home price was $470,297 in January, fuelled largely by price gains in greater Vancouver and greater Toronto.
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