In an effort to slow down Canada’s hot real estate markets and promote stability, the federal government has announced new down payment rules for purchasing homes between $500,000 and $1,000,000. As of February 15, rather than the current minimum of 5% down, home buyers will be required to provide a 10% down payment on any new, government-insured mortgage above $500,000.

According to CIBC World Markets’ deputy-chief economist, Benjamin Tal, the new rules are not likely to affect most homebuyers, especially those in the country’s red-hot markets where “fewer buyers tend to rely on insured, so-called high-ratio mortgages”.

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Canada’s new down payment rules not likely to affect most homebuyers.