If you’re curious about how the new mortgage rules affect YOU, and how they will likely affect the market, then be sure to watch this video.
Here’s the bottom line:
- We have 13 more days to write an offer that will qualify us for today’s rates of 2.3% (or so).
- After October 17th, although you can still receive a rate of 2.3%, you will need to qualify for a rate of 4.6% (or so).
- This will not apply if you are putting 20% (or more) down on your purchase.
Example: Â Assuming your annual income remains constant, if you qualify for a loan now of $665,000, after October 17th you will qualify for $505,000, if you’re putting less than 20% down.
Here are some more excellent articles that will help you learn more, with very newsworthy scary headlines… 🙂
Morneau takes out the big guns to slow housing
Is this the last nail in the coffin?
No more discounts for fixed-rate mortgage borrowers
Feds’ strict new mortgage rules “target first-time buyers and millenials”
Canada’s new federal mortgage rules: Â Right diagnosis, wrong medicine?
Government of Canada new mortgage rules (VREG.ca)
