The requirements for down payments for purchasing a home will be increasing as of February 15th, 2016.

The minimum down payment for new insured mortgages will increase from 5 percent to 10 per cent for the portion of the house price above $500,000.

The five per cent minimum down payment for properties up to $500,000 remains unchanged.

Homes of $1 million or above, by law require a minimum down payment of 20 per cent. This has not changed.

See the chart below for clarification:

New Down Payment Requirements for Mortgages as of February 15, 2016 in Toronto

Have questions about the new guidelines and how they apply to you? Give us a call at 416-572-1016 or email