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Down Payment Changes Ahead

Effective February 15, 2016, Canada will have new down payment requirements for purchasing residential homes.  For properties selling between $500,000 and $1 million, people getting an insured mortgage will now need to put more down—up to an additional 2.5% of the purchase price. In other words, 5% down will be required on the first $500,000, […] Continue reading

Watch Out for an Extra Land Transfer Tax!

The Ontario Ministry of Municipal Affairs & Housing is seriously considering extending the Land Transfer Tax to municipalities.  This would mean a double land transfer tax on the purchase of a property. This was implemented in Toronto in 2008.  It works out to an extra $10000-15000 on a home priced about $450000. If the Liberals […] Continue reading