Freeland clarifies down payment levels for new insured mortgage cap

On Tuesday, Deputy Prime Minister and Minister of Finance Chrystia Freeland clarified the down payment requirements under the new $1.5-million insured mortgage cap, announcing that the first $500,000 of the purchase price will still need a five per cent down payment, while the next portion of up to $1 million in value will need a 10 per cent down payment.