Finance department recommends 10% down payments
The bureaucrats in the finance department are pushing the government to increase down payments on Canadian homes to 10% from 5% for homes of a certain value. Currently, at least a 5% down payment is needed to get mortgage insurance from the CMHC.
The story goes on to speculate it would apply on homes worth more than $500,000 (also known as a 300 sq ft apartment in Vancouver).
It's a Bloomberg report, citing people familiar with the plans.
It's awfully tough to slowly let the air out of a bubble without blowing it up.
