500k-downpayment-graphic
In the market to buy a home in 2016? You may need raid the piggy bank. As of Feb. 15, 2016, there will be changes to the rules for government-backed mortgages.

Buyers in the market for homes worth less than $500,000, will still only need 5% down but any purchase over $500,000 will require a graduated 10% minimum down payment. That means for every dollar a house costs over $500,000, a buyer will need 10% to cover the down payment. For instance:

House Price

2015 Minimum Down Payment Required

2016 Minimum Down Payment Required

$500,000 5% = $25,000 5% = $25,000
$800,000 5% = $40,000 5% on first $500,000 = $25,000 + 10% on next $300,000 = $30,000, for a total DP of $55,000

Resource: www.moneysense.ca