The Canadian Press

2015-12-11 | Morneau Housing

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Canadians looking to buy homes valued over 500-thousand dollars will soon be required to come up with larger down payments. Federal finance Minister Bill Morneau says the change is designed to ensure stability in Canada's biggest real estate markets. But Morneau says that doesn't mean he's worried about price bubbles in Toronto and Vancouver. (Under the changes, home buyers will have to put a 10 per cent down payment on the portion of the price of a home over 500-thousand dollars. Anything under 500-thousand will still only require a five per cent down payment.)

Date: 2015-12-11
Placeline: OTTAWA.
Source: The Canadian Press
Length: 16 seconds

Transcript Prediction: << we're not talking about bubbles here we're talking about ensuring that Canadians take the right approach to investing in a home it's to protect the market for the existing homeowners and protect new home buyers as well so the day of the appropriate amount of equity in their home >>


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