Review this Website. It’s Anonymous!
The required down payment on homes will continue to be 5 percent for the first $500,000 but will rise to 10% for the balance over $500,000, from February 15, 2016 onwards.
Finance Minister Bill Morneau announced the plans on Friday morning, December 11, 2015 in Ottawa.
The risk of overheating is greater in Vancouver where the average price for a detached home has jumped to almost $1.6 million, and in Toronto where a detached home in Toronto averages more than $1 million.
First time buyers will now find it more difficult to purchase a house. Calgary’s home sales, already suffering from the collapse of oil prices and heavy taxes imposed by the provincial NDP, will be further hurt.