"Down payment rules are in effect"
The minimum down payment for new insured mortgages will increase from 5% to 10% for the portion of the house price above $500,000, the finance ministry wrote.
For example: A $750,000 home will now require $50,000 down -- 5% for the first $500,000 and 10% down for the remaining $250,000.
Properties up to $500,000 will continue to require a minumum of 5% down. Properties in excess of $1 million will still require 20% down.
The changes are meant to reduce taxpayer exposure while supporting long-term stability of the housing market, according to the ministry.