- TALKING WITH THE LOCALS IS FUN AND THEY REALLY LIKE TO SHARE WHAT THEY KNOW AND LOVE ABOUT LIVING ON THE ISLAND. SO A GENTLEMAN TOLD ME ALL ABOUT HOW PROPERTY VALUES ARE REALLY GOING UP AND THE COSTS TO BUY ALSO. HE EXPLAINED THAT THE GOVERNMENT CONTROLS THE BANKS IN CANADA …NOT LIKE IN THE STATES. OK. SO HE SAID YOU NEED TO PUT 20% DOWN TO PURCHASE. REALLY ..NOTHING WITH A LOWER PERCENTAGE. I TOLD HIM IN THE US WE HAVE MORTGAGE INSURANCE TO ALLOW BUYERS WITH LESS THAN 20% DOWN. NOPE. WOW …THAT’S REALLY TOUGH,
WELL IT TURNS OUT IT DEPENDS ON THE $$$ AMOUNT OF THE PURCHASE
FEB 15, 2016 THE GUIDELINES BECAME: 5% MINIMUM FOR LESS THAN $500K, FOR PURCHASE $500-1 MILLION IT IS 5% FOR THE FIRST 500K PLUS 10% ON THE BALANCE ABOVE THAT, PURCHASES ABOVE ONE MILLION THE MINIMUM % DOWN IS 20%.
LESS THAN 20% DOWN ARE CONSIDERED HIGH RISK AND THERE IS MORTGAGE INSURANCE. CMCH CANADIAN MORTGAGE AND HOUSING CORP HANDLES THAT.
SO IN HIS WORLD OF MILLION PLUS PROPERTIES HE WAS RIGHT.
