Dec 11, 2015:

Today Finance Minister Bill Morneau announced changes to down payment requirements. Effective February 15, 2016, the minimum down payment for new insured mortgages will increase from five per cent to 10 per cent for the portion of the house price above $500,000. We note that the 10% requirement does represent a graduated approach. The five per cent minimum down payment for properties up to $500,000 remains unchanged. 

We will provide further analysis as it becomes available.