New CMHC Rules Take Effect Today

Today is the first day you’ll need to put at least 10 per cent down on a home selling for more than $500,000 in Canada.pdu8ckjklu4k_Nelson_Coldwell__0396-web

Click Below for Complete Story:

http://www.cbc.ca/news/canada/toronto-new-mortgage-rules-1.3448550

There days you won’t find too many homes listed for under $500,000 in Toronto or parts of Durham Region.  

You can still purchase a Home with 5% down up to $500,000. If you buy for more then you just have to pay 10%  down payment for the dollar amount over $500,000.  Its not as bad as it seems.

For more information, call The Mash Team.