Carl Phin & Kim McLeod

Today’s announcement from Finance Minister Bill Morneau brought change to the way that real estate will be conducted across the country. Starting on February 15, 2016, buyers will now be required to provide a minimum down payment of 10% on all homes that are priced above $500,000. However, the higher percentage will only apply on the dollar value in excess of that price. For example, if a buyer was to purchase a home valued at $750,000, the down payment would be $50,000; $25,000 on the first $500,000 at 5% and $25,000 on the additional $250,000 at 10%.

 

Here in Edmonton, the average sale price of a single family home is well below the threshold at $438,172. But while the average home buyer in our area will not be directly affected, there is still cause for some concern.

 

 

“Edmonton’s housing market is a key contributor to Alberta’s economy and an important job creator. At a time of economic uncertainty in Alberta, we do not think it is necessary...

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