New Housing Rules are a Step in the Right Direction
A Sustainable Housing Market is Better than a Hot Housing Market
The New Down Payment Rule applies to only people who have a down payment of less than 20 per cent and thus require mortgage default insurance.
A tougher standard for house down payments is good for both first-time buyers and the baby boomers who define their wealth in terms of how much their houses have increased in value. The new down payment requirement is a mere tap on the brakes, but a welcome one in that it addresses the hottest markets while leaving the others alone.
This new rule comes into effect February 15, 2016 and the minimum down payment will rise to 10 per cent from the current 5 per cent for the portion of a house price that exceeds $500,000. If you already have your mortgage commitment in place or apply prior to February 15th, you won't be affected.
If we cool the market a little as a result of this change in down payment requirements the risk of a slow down overall is somewhat reduced. It is important for the government to get this right because so much of the nation's wealth is tied up in home equity.
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