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Episode 11: Buying a Home Worth Over $500,000? Government Just Increased Your Downpayment!

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SHOW NOTES:

1- General Overview of NEW Rules – 0:30 minute mark

  • Government has introduced a new downpayment strategy
  • Effective as of February 15th 2016

2- “Background” of Previous Changes We’ce Seen So Far- 1:18 minute mark

  • 40 year mortgages
  • 0% downpayment and sub-prime mortgages

3- Latest Federal Government Change – 4:00 minute mark

  • Buying a Home Worth Over $500,000? Government Just Increased Your Downpayment!
  • Government “says” they’re targeting Canada’s biggest real estate markets (roughly 1%)

4- How Will this Change Effect Burlington? – 4:45 minute mark

  • Since the average Burlington home price is well above the $500,000 this change will effect more that just the 1% as the government suggests.

5- Example of CURRENT vs NEW Rules on a $650,000 Home – 6:10 minute mark

  • CURRENT RULES: Your minimum downpayment on $650,000 home is $32,500
  • NEW RULES: Your minimum downpayment on $650,000 home is $40,000

6- Does Every Home in Burlington Sell? – 8:40 minute mark

  • CMHC fees will also change however it’s unclear if they’re going up or down.

7- So What Does The Future Hold? – 11:00 minute mark

  • My prediction is we may see a flurry of activity January and early February. Then everything will come back to normal and the Burlington real estate market will continue to grow at a steady rate.

Have Questions?

email: info@BurlingtonHomes.com

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About the Author Sebastian Malinowski