Quote:
Originally Posted by ken0042
I thought that at first, then realized for a $600k house this now raises the minimum down payment from $30K to $35K. It would be different if it was all 10%, and you'd go from $30K to $60K.
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Agreed, I think I mentioned it in the other real estate thread but seems like a half measure. We put 5% down on our current residence and it was because I didn't want to move more cash around. Really buying a 499k house means a $24,950 downpayment and a $501k house means a $25,100 downpayment, who cares. Even looking at the higher amounts it doesn't seem like much of a difference.
Garth Turner is happy to point out on his blog how much this will impact Calgary as usual. I'm not sure how one could think this makes much difference in Calgary vs. Toronto and Vancouver where the avg price is so much more.