February 25, 2018

New To Canada Mortgage Rules

I have had a number of enquires recently on whether the New To Canada Program requirements have changed. ¬†Individuals that have immigrated or relocated to Canada within the last 5 years can purchase a property with as little as 5% down payment. ¬†Here is the criteria in order to qualify for a mortgage: Purchase price must be less than $1,000,000 Under $500,000 you can purchase with 5% down payment If the property is between $500,000 and under $1,000,000, you can purchase with 5% on the first $500,000 and 10% on the portion over $500,000 Maximum 2 units with 1 unit…

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