Before a receptive audience of the Canadian Homebuilders Association, Housing Minister Elmer MacKay announced that the minimum down payment required for a CMHC insured mortgage was being cut from 10 to five per cent. MacKay said lower downpayments could put 10 thousand renters into their own homes, and boost the sagging housing industry. (Only first-time buyers, or people who hadn't owned a home in the past five years, could apply. There were also limits on the amounts that could be mortgaged.)

Date: 1992-02-03
Placeline: WINNIPEG, Manitoba.
Source: The Canadian Press
Length: 10 seconds

Transcript Prediction: << effective immediately the current minimum 10% down payment for federally insured mortgage will now be reduced to 5% >>

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