Insured Mortgage Rules set to change February 15, 2016

In December 2015 the Federal Government announced new insured mortgage downpayment measures for properties greater than $500,000.00. A downpayment of 5% up to $500,000.00 remains in place but for every dollar a property costs over $500,000.00, a 10% downpayment will be required.  Properties in excess of $1 million dollars will still require a 20% downpayment. Moneysense explains 5 things to know about the new rules:

http://goo.gl/qjyK2M

For more information regarding the new rules as well as insurance requirements for federally regulated lenders see:  

http://www.fin.gc.ca/n15/15-088-eng.asp

 

advisor insight

For a long time, Victoria may have been considered Vancouver’s little sister, but with a growing population and wealth of opportunities that reputation has evaporated.

Janette Fricker
RENNIE ADVISOR
advisor insight

Vancouver ranks first as North America’s most liveable city and ranks fifth in the world - here are five reasons why Vancouver is a highly desirable place to live.

Janette Fricker
RENNIE ADVISOR
advisor insight

Knowing what to expect when completing a sale of a pre-sale condo can help to calm your nerves while smoothing out the process.

Janette Fricker
RENNIE ADVISOR