Finance Minister Bill Morneau is increasing the down payment homebuyers must put forward on houses over $500,000. Homebuyers will have to put 10 per cent down on the portion of the price over $500,000 and anything under will still only require a five-per-cent down payment. It’s a move designed to cool off the booming real estate market in some of Canada’s biggest cities.
Do you think this will make it harder for people to buy a home? Do you think this is a good way to prevent people from buying homes when they shouldn’t?