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Blog by Linda M Linfoot

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Minimum Down Payment Policy Changes for CMHC and Genworth Applications

I 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:

Applications relating to purchase and sale agreements dated before December 11, 2015  - Any Closing Date -  5% down

Applications received by CMHC from December 11, 2015 to February 14, 2016 - On or before July 1, 2016 5% down 
After July 1, 2016  - 5% down on the first 500,000 and 10% on any amounts above

Applications received by CMHC February 15, 2016 or later -  Any Closing Date -  5% down on the first 500,000 and 10% on any amounts above