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TORONTO AND AREA REAL ESTATE MARKET NEWS BLOG

Toronto and area market news blog for the popular Toronto website http://www.torontogreathomes.com

TORONTO MORTGAGE RATES AND NEW DOWN PAYMENTS RULES

Changes to the 5% down payment rules (only applies to purchase prices over $500,000)

5% on the first $500,000 of the purchase price.  
Example; purchase price $400,000, down payment $20,000

10% of the purchase price over $500,000
Example; purchase price $600,000, down payment $25,000 (first $500,000 x 5%) plus $10,000 (next $100,000 x 10%) for a total of $35,000. 

Best Variable Rate 


2.10%   
Prime minus 0.60% with a 5% down payment
2.15%   Prime minus 0.55% with a 20% down payment 
 
Best Fixed Rates (down payment 5% or more)

2.59%
   5yr term   Fixed Rate with a 5% down payment
2.64%   5yr term   Fixed Rate with a 20% down payment   

2.24%   3yr term   Fixed Rate

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