--- title: Mortgage News December 2015 description: Minimum down payment for higher-priced homes in Canada effective February 15, 2016 increasing slightly. image: http://www.richardsmortgagegroup.ca/hubfs/Interest_Rates/CurrentInterestRates20151211.jpg --- [![Richards-Mortgage-Group-LOGO](https://www.richardsmortgagegroup.ca/hs-fs/file-2071180059-png/RMG-img/RMG-HomePage/Richards-Mortgage-Group-LOGO.png?width=350&name=Richards-Mortgage-Group-LOGO.png)](https://115190.hs-sites.com/richards-mortgage-group-home) [![facebook](https://www.richardsmortgagegroup.ca/hs-fs/file-2070806601-png/RMG-img/RMG-HomePage/fb.png)](https://www.facebook.com/richardsmortgagegroup)[![twitter](https://www.richardsmortgagegroup.ca/hs-fs/file-2071180019-png/RMG-img/RMG-HomePage/tw.png)](https://twitter.com/MortgageIntell)[![google plus](https://www.richardsmortgagegroup.ca/hs-fs/file-2070806606-png/RMG-img/RMG-HomePage/gp.png)](https://plus.google.com/+RichardsMortgageGroupCanada/about)[![linkedin](https://www.richardsmortgagegroup.ca/hs-fs/hub/115190/file-2070806596-png/RMG-img/RMG-HomePage/li.png)](https://ca.linkedin.com/in/richardsmortgagegroup)[![LET’S TALK](https://no-cache.hubspot.com/cta/default/115190/e82b3a4f-447a-4c33-b6c9-d1f754bc1167.png)](https://cta-redirect.hubspot.com/cta/redirect/115190/e82b3a4f-447a-4c33-b6c9-d1f754bc1167) **"Mortgage Financing News" for Realtors Blog** # Mortgage News December 2015 Posted by [Chris Richards](https://www.richardsmortgagegroup.ca/realtor-blog/author/chris-richards) on Dec 11, 2015 4:02:32 PM The federal government is boosting the **minimum down payment for higher-priced homes** in Canada effective February 15, 2016. Homebuyers are currently required to put down a minimum of five per cent to qualify for CMHC insurance. Starting in February, CMHC will require a 10 per cent down payment on the portion of any mortgage it insures over $500,000. The five per cent rule remains the same for the portion up to $500,000.   Example of effect on down payment: |   |  Feb 15, 2016  |   | | --- | --- | --- | |   |  NEW Minimum*  |   | |  Home Price  |  Down Payment  | DP% | |  $                 450,000 |  $                      22,500 | 5.0% | |  $                 500,000 |  $                      25,000 | 5.0% | |  $                 550,000 |  $                      30,000 | 5.5% | |  $                 600,000 |  $                      35,000 | 5.8% | |  $                 650,000 |  $                      40,000 | 6.2% | |  $                 700,000 |  $                      45,000 | 6.4% | |  $                 750,000 |  $                      50,000 | 6.7% | |  $                 800,000 |  $                      55,000 | 6.9% | |  $                 850,000 |  $                      60,000 | 7.1% | |  $                 900,000 |  $                      65,000 | 7.2% | |  $                 950,000 |  $                      70,000 | 7.4% | |  $             1,000,000 |  $                   200,000 | 20.0% | |  *5% on first $500K, and 10% down on balance  | | | ## Mortgage Interest Rates - Dec 12, 2015 Rates are mostly stable with a slight upward bias. 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