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Anyone trying to buy a home that costs a million dollars or more in Canada needs a 20 per cent downpayment because buyers in that price range don’t qualify for CMCH mortgage insurance.
Prime Minister Justin Trudeau says he’ll raise that limit to $1.25 million, which means buyers will be able to buy a home at that price or below with as little as five per cent down.
We’ve been getting monthly updates from the ground floor from Realosophy Realty’s John Pasalis and Oakwyn Realty’s Steve Saretsky, who help make sense of it all, with advice for anyone buying or selling a home.
They they say it’s a big policy that could have a big impact.
If you have questions, email them to email@example.com and John or Steve will answer them on the next episode.
Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.