Mortgage Rules Updated Again

Mortgage Rules Updated Again

Last month the Office of the Superintendent of Financial Institutions (OSFI – Canada’s Banking Regulator) again revised the mortgage qualifying guidelines. As of January 1, 2018 there will be a new minimum Qualifying Interest Rate. This "stress test" now includes all home buyers borrowing from an Institutional Lender, not just those with less than 20 per cent down payment as it was previously.

Want to know more about how this could affect home buying plans? Let’s talk. 905-409-6730

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Phone: 905-409-6730
Dated: November 16th 2017
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