CHBA concerned over new down payment requirements
Posted Dec 11, 2015 10:52 pm.
This article is more than 5 years old.
The Canadian Association of Home Builders Alberta is voicing its concerns on the impact of the new, higher mortgage down payment requirements, which were announced Friday by the federal government.
The rule calls for home buyers to put a minimum 10 per cent mortgage payment down on all homes over $500,000.
In a statement, the CHBA said, this could have a negative impact on people in the province.
According to the CHBA, more than 85 per cent of homes sold in Calgary this year cost $500,000 or more, and the provincial average so far sits at 70 per cent of homes selling for that much.
The association says this new regulation is a blanket national policy that is meant to deal with regional housing market issues, like the ones in Toronto and Vancouver.
