How it breaks down: A homebuyer looking to put the minimum down on a $700,000 home would have to commit at least 5 per cent of the first half a million dollars, or $25,000, plus 10 per cent of the remaining $200,000, which would mean another $20,000 (to arrive at $45,000). Under the current rules, which only require 5 per cent down on the entire purchase price, a $700,000 would only require a $35,000 down payment.
http://globalnews.ca/news/2395888/heres-how-much-more-canadian-home-buyers-must-save-for-a-house/
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