Mortgage Stress Test Is Here!
(December 2017) The federal government confirmed in October that new rules for qualifying for conventional mortgages will be in place by the start of 2018. It is intended that these new rules will ensure borrowers can handle their payments if rates go up.The new rules apply to conventional mortgages where the downpayment on a purchase is usually OVER 20% of the purchase price. In 2016, similar rules had been introduced for hi-ratio mortgages where the downpayment is less than 20%. We have attached an article from the canadianmortgagetrends.com website.
Stat Snippet: Days on Market tells an interesting story