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
