The Toronto Star is reporting this morning that the required down payment on a home of $500,000 or more will rise from 5% to 10% in February of 2016. The aim is to temper the hot Toronto and Vancouver housing market. Make note the 10% down payment will only apply to the portion above 500,000 which means the total down payment on a 1 million dollar home will be 7.5%. This will take effect February 15th. Personally, I'm not sure this will stop anyone in this price bracket but we will see!
Canada's mortgage rules to tighten in Feb 2016