Mortgages

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:  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:  Right diagnosis, wrong medicine?

Government of Canada new mortgage rules (VREG.ca)

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