Tagged : home buyers

Todays news from the Canadian Real Estate Association

Today, the government announced its intent to raise the minimum down payment requirements on homes valued over $500,000. Requirements will remain at 5 per cent down payment for homes under 500,000. Any amount over $500,000 will require a 10 per cent down payment. For example a $700,000 home will require a $45,000 down payment, 5 per cent on $500,000 and 10 per cent down on the remaining $200,000. The announced changes will take effect on February 15, 2016.

The government cites its desire to “contain risks in the housing market” as the reason for its decision.

As you know, the issue of an increase to minimum down payments is something CREA has effectively and successfully fought against since

Your house has a built-in garage and your car is safely tucked away from the elements. But is your family just as safe on the other side of the wall? The garage air may be seeping into your home without you knowing it.

Gases and other toxins
First of all, it’s important to realize that every time you start your vehicle and every time you park it back in the garage, it releases carbon monoxide, benzene vapours and a host of other chemical substances. These contaminants remain suspended in the air in the garage long after the engine has stopped running and the garage door has closed. In addition, they often combine with other vapours—e.g., from the lawn mower, snow blower or chain saw, or any container of paint, oil or fuel stored in the garage. If there