On February 16, 2016, new mortgage rules took effect in Canada. So what does this mean for new buyers, sellers and the industry as a whole? For Buyers: Bigger Downpayments For the first $500,000 of the cost of the home, the downpayment is still 5%. Any amount beyond the first $500,000 will require a 10% downpayment. This means that for every additional $100,000 beyond the first $500,000, you need to have $10,000 in downpayment costs. Example: Buying an $800,000 Home $500,000