Brought to you by the Canadian Real Estate Association (CREA)
In late June the Minister of Finance announced changes to the standards governing government-backed insured mortgages:
These changes came into effect on July 9, 2012.
CREA has continually stressed the need to avoid changing the minimum down payment. Today’s announcement confirms Canadians will continue to be able to purchase a home with five percent down.
In response to the announcement, CREA’s President Wayne Moen issued a statement calling it "a measured response to the government’s often stated concern about household debt levels and the housing market," and noting that"Recent statistics from The Canadian Real Estate Association indicate that the national housing market remains balanced."
Moen advised: "Property buyers and sellers should contact a REALTOR® if they are considering entering the housing or commercial real estate markets to better understand the impact of these changes in their communities."