Let’s be honest, down payments aren’t exactly the sexiest aspect of the real estate industry. But important changes to the minimum payment for homes priced above $500,000 will come into force on February 15^th of this year. This being the Vancouver real estate market, these changes will apply to a significant amount of property in our fair city. If you’re in the market for some new digs, here are some quick facts about the new down payment rules:

- Federally regulated lenders must obtain mortgage insurance in instances where the down payment is less than 20 per cent of a property’s purchase price.

- Mortgage insurance premiums range between 0.6 per cent and 3.85 per cent of the value of borrowed money.

- Effective February 15^th, 2016 the minimum down payment for new insured mortgages will increase from 5 per cent to 10 per cent for the portion of the house priced above $500,000.

- For properties priced up to $500,000 the 5 per cent minimum down payment will remain the same.

- A minimum down payment of 20 per cent will be required for properties priced above $1,000,000.