Interest Rate Update October 2017

  Interest Rate Update October 2017 The leaves are falling, but the sky is not! We know this year has had a lot of changes in the lending landscape, so let’s chat about what this means for you! As you know, your variable rate mortgage, line of credit and/or student loans are all based on the Prime Rate and here is your personal update from me on the recent Bank of Canada announcement on changes to their Overnight Rate which […]

interest rates

more mortgage changes

More Mortgage Changes

  There isn’t much doubt that more significant mortgage rule changes are on the way perhaps as early as October 2, 2017. Canada’s banking regulator OSFI (the Office of the Superintendent of Financial Institutions) is further attempting to cool down certain hot housing markets by implementing a ‘stress test’ to qualify for uninsured mortgages. The new ‘stress test’ will require a qualifying rate of 2% over the contract rate. Uninsured mortgages account for approximately 65% or more of the mortgage […]

New Mortgage Stress Test

This video explains the changes the Canadian government has recently made to how Canadians qualify for insured mortgages. They have instituted what is being called a “stress test” for your mortgage.      

mortgage stress test