The Canadian Press

1992-02-03 | MacKay-downpayments

Preview Clip

$19.99
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, MB, Canada
Source: The Canadian Press
Length: 10 seconds

Transcript Prediction: << effective immediately the current minimum ten percent down payment for federally insured markets will not be reduced to five percent >>

Clip ID: 19920203CPCN001